Philippines’ Figaro Coffee Group eyes new growth avenues following IPO
Net proceeds from the IPO will be used for store openings, renovations, commissary expansion, and others.
The Philippines’ Figaro Coffee Group is seeking new avenues for growth after generating some PHP 767 million, or approximately US$15 million, from its initial public offering (IPO).
In a disclosure to the local stock exchange, the company said its IPO of over 930 million common shares with an overallotment option of up to 93 million common shares at an offer price of P0.75 per share was completed on January 14.
The company said net proceeds will be used for store openings, renovations, commissary expansion, debt repayment and IT infrastructure developments.
"We are very happy that our IPO generated strong interest from institutional and public investors. We are also grateful to the strong support of the banking community as this reflects their confidence in the food industry," FCG chairman Justin Liu said in the update.
"We would like to assure our investors and customers that FCG will continue to look for avenues for growth and we endeavor to provide high quality products," he added.
Figaro currently operates 109 branches in and outside of the Philippines, including 56 of its namesake coffee shops, 39 Angel's Pizza outlets, 6 Tien Ma's Taiwanese restaurants, 7 TFG Express outlets and 1 Cafe Portofino.