PSE approves P1.77-B IPO of Figaro Coffee Group

FIGARO Coffee Group, Inc. (FCG) has received the go signal from the Philippine Stock Exchange (PSE) for its P1.77-billion initial public offering (IPO), subject to post-approval conditions.

Food brands under Figaro Coffee Group include Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese Cuisine, TFG Express, and Café Portofino.

“The Exchange approved the application of [FCG] for the initial listing of up to 5,011,005,003 common shares, with a par value of P0.10 per share, under the Main Board of the Exchange, which includes the shares subject of the Company’s [IPO],” the PSE said in a listing notice on Monday.

Figaro will offer to the public 1.26 billion common shares for up to P1.28 apiece, with an overallotment option of 126 million shares. The company aims to price its shares on Friday, Dec. 10.

Assuming the overallotment option is exercised, its estimated public float will stand at 27.66%. Figaro’s post-IPO market capitalization may stand at P6.41 billion.

The company aims to conduct its offer period from Dec. 16 to 22, while its tentative listing date is on Dec. 31 under stock symbol “FCG.”

“The Exchange’s approval of the conduct of the IPO and listing of the Company’s shares is subject to its compliance with all of the post-approval conditions and requirements of the Exchange,” the PSE said.

Figaro plans to use net proceeds of the IPO to fund its store openings and renovations, finance the expansion of its commissaries, debt repayment, IT infrastructure developments, and for potential acquisitions.

For the offer, the company engaged Abacus Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners. — Keren Concepcion G. Valmonte