SEC Clears Figaro Coffee Group’s IPO

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Source: The Figaro Group Express FB Page

Figaro will offer to the public up to 1,260,000,000 common shares priced at up to P1.28 per share, with an overallotment option of up to 126,000,000 shares. The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).

The company expects to net up to P1.69 billion from the offer, assuming the overallotment option is fully subscribed. Proceeds will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions.

The Liu-led company primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino. It currently owns a total of 90 stores across the five brands.

Figaro’s IPO is expected to run from December 16 to 22, with listing on the PSE scheduled for December 31, based on the latest timetable sent to the Securities and Exchange Commission (SEC).

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