MANILA - Figaro Coffee Group Inc on Monday officially listed on the Philippine Stock Exchange following a successful initial public offering (IPO).
The homegrown brand which has been in the market since 1993 will use the funds from its initial public offering (IPO) for store openings and commissary expansions, Figaro Coffee Group director and chairman Justin Liu said during the listing ceremony.
It has raised some P767 million from its IPO.
“As the nation arises with renewed strength and vigor from adversities, we at Figaro Coffee Group will continue to do what we do best, contribute to our economy, stakeholders and the country,” Lui said.
The company earlier said it would offer 1.26 billion primary shares and up to 126 million over-allotment shares.
PSE president Ramon Monzon said Figaro's listing, the second listing for the month of January, bodes well for the capital market.
There has been no IPOs for the first month of the year since 2003, Monzon said.
"The successful completion of Figaro Coffee Group's maiden sale share demonstrated investor confidence with the product prospects, the company's food and beverage brand as well as its strategic objective to further grow its business," he said.
Figaro operates the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino.