MANILA, Philippines — Figaro Coffee Group Inc. slashed the offer price and size of its upcoming maiden share sale.
In a notice to the Philippine Stock Exchange on Thursday, Figaro set its final price for its initial public offering at P0.75 per share, lower than the original P1.28 per share back in November.
The food retailer's initial public offering will now consist of 930,166,000 common shares up for sale, lower than 1.26 billion stocks it had originally planned to sell.
If investor interest proves robust for its maiden share sale, it has an overallotment option of 93,016,000, comprising primary shares.
Figaro pushed its IPO to January 24 next year, much later than the December 31 date it previously set “in deference to the upcoming holiday season, specifically to ensure the timely completion of the documentary requirements of the investing public for the offer."
In its prospectus, Figaro said the IPO would fund capital expenditures to open 35 Angel’s Pizza stores, 18 TFG Express stores, 6 Figaro Coffee stores, and 2 Tien Ma’s stores. The food retailer intends to expand its network of 46 stores to 150 by the end of next year and 300 stores by the end of 2029.