MANILA - Newly listed Figaro Coffee Group Inc on Monday said it was seeking new avenues for growth after generating some P767 million from its initial public offering (IPO).
The IPO of over 930 million common shares with an overallotment option of up to 93 million common shares at an offer price of P0.75 per share was completed on Jan. 14, Figaro said in a disclosure to the stock exchange.
Net proceeds will be used for store openings, renovations, commissary expansion, debt repayment and IT infrastructure developments, the company said.
"We are very happy that our IPO generated strong interest from institutional and public investors. We are also grateful to the strong support of the banking community as this reflects their confidence in the food industry," FCG chairman Justin Liu said.
"We would like to assure our investors and customers that FCG will continue to look for avenues for growth and we endeavor to provide high quality products," he added.
Figaro, which listed on the Philippine Stock Exchange early this year, operates 109 branches here and abroad, including 56 Figaro coffee shops, 39 Angel's Pizza outlets, 6 Tien Ma's Taiwanese restaurants, 7 TFG Express outlets and 1 Cafe Portofino.
Figaro's listing on the main board of the PSE is the second for the month of January.