MANILA – Shakey’s Pizza Asia Ventures Inc. debuted above its offer price on Thursday, bucking the broader market decline.

Shares of the pizza restaurant operator were up 7.82 percent to 12.14 in early trading, compared to its initial public offering price of P11.26. It was the fourth and final IPO at the Philippine Stock Exchange this year.

Shakey's plans to open 12 to 15 stores in the next three to five years as a booming economy drives consumption, said SPAVI president Vicente Gregorio.

"We are confident that there's a lot of growth potential for the brand," Gregorio told ANC’s “Market Edge with Cathy Yang," adding prospects are good in the Visayas and Mindanao.

Gregorio said Shakey's is "open" to expanding its brand portfolio, adding there are "a lot of offers."

The market’s recent weakness, as investors braced for the 25-basis point rate increase by the Federal Reserve, gave investors a good opportunity to buy, said Estelito Biacora, senior vice president at BPI Global Markets.

• READ: Shakey's prices $80-M IPO at top end of range

SPAVI owns the rights to the Shakey's trademark in the Philippines, where it has 177 stores all over the country. Seven more stores are expected to open before the end of the year, with 20 more stores in the works for 2017.

The company also owns the rights to the Shakey's brand for the Middle East, Asia, China, Australia and Oceania markets.