MANILA - The Philippine operator of Shakey's pizza restaurant chain priced its initial public offering (IPO) at the top end of the indicative range, the deal's underwriter said on Tuesday.

Shakey's Pizza Asia Ventures Inc. (SPAVI) will sell shares at 11.26 pesos each to raise P3.96 billion ($79.7 million) for its expansion plans, Eduardo Francisco, president of BDO Capital & Investment Corp, said in a text message.

Indicative price range was at P10.70 to P11.26 apiece, IFR, a Thomson Reuters publication, reported last week.

Offer period will run from Dec. 2 to Dec. 8, with listing set on Dec. 15.

Singapore sovereign investor GIC is selling its shares in the pizza parlor operator, which also owns the perpetual rights to the Shakey's brand for the Middle East, Asia excluding Japan, Malaysia, China, Australia and Oceania.

Shakey's Pizza is only the fourth company to debut in the Philippine Stock Exchange this year. The broader index is Southeast Asia's second worst performing bourse, posting year-to-date losses of 2.25 percent as of 11 a.m. Tuesday, as foreign funds exit emerging markets ahead of an expected US Federal Reserve rate hike in December.