Figaro Coffee seeks approval for initial public offering (IPO)

ABS-CBN News

Posted at Nov 05 2021 09:18 AM | Updated as of Nov 05 2021 09:44 AM

MANILA - Figaro Coffee Group has filed a registration statement for an initial public offering (IPO) of up to 1.26 billion common shares, the Securities and Exchange Commission said.

The IPO has an overallotment option of up to 126 million shares. Shares are priced at P1.28 per piece, the SEC said in a statement. 

Proceeds from the offer will fund store openings and renovations, commissary expansion, debt repayment, IT infrastructure development and potential acquisitions, the agency said.

Figaro has engaged Abacus Capital and Investment Corp, China Bank Capital Corp and PNB Capital and Investment Corp as joint issue managers, joint lead underwriters and joint bookrunners for the offer.

Philippine Stock Exchange president Ramon Monzon earlier said more Filipinos are seen investing in the stock market during the COVID-19 pandemic.

Local investors now make up 25.9 percent of the total retail investors against the 18.2 percent the previous year.

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