Figaro to raise P1.77 billion from IPO

MANILA, Philippines — Figaro Coffee Group Inc. has filed for a P1.77 billion initial public offering (IPO) to fund its expansion.

The offer comprises 1.26 billion common shares plus an over-allotment option of up to 126 million shares priced at P1.28 per share.

Proceeds from the IPO will be used to fund store openings, renovations, commissary expansion, debt repayment, IT infrastructure developments and potential acquisitions, the company said in a registration statement filed with the Securities and Exchange Commission (SEC).

Figaro tapped Abacus Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners for the offer.

According to its registration statement, Figaro Coffee is looking to start the offer period on Dec. 16 to 22 while the listing date “is on or  Dec. 31 or such other date that may be agreed by the company and the joint issue managers, joint lead underwriters, and joint bookrunners.”

The Figaro Group is a purely Filipino and home-grown diversified food group with over 25 years in the industry. It operates through its one wholly-owned subsidiary Figaro Coffee Systems Inc.

It has 90 branches nationwide and international territories that serve a wide variety of food offerings and services.

The group currently operates 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, one TFG Express outlet, and one Café Portofino outlet.

Since 1993, the flagship brand Figaro Coffee has been offering Filipino customers with high quality, freshly roasted coffee beans, pasta, sandwiches, pastries and cakes in an Italian environment.

The Angel’s Pizza brand, meanwhile, offers freshly-baked pizzas using the ingredients at the most affordable prices.

Through a Taiwanese partnership, Tien Ma’s offers Taiwanese food like Taiwanese xiao long bao, noodle soups, dumplings and main dishes to the Manila market, with stores in the Metro and key provinces.