Figaro secures SEC nod for proposed P1.69 billion initial public offering

ABS-CBN News

Posted at Nov 17 2021 01:57 PM

MANILA - The proposed initial public offering by Figaro Coffee Group was cleared by the Securities and Exchange Commission, the regulator said Wednesday. 

Figaro will offer up to 1.2 billion common shares at P1.28 per share with an overallotment option of up to 126 million shares, the SEC said in a statement. 

The SEC said Figaro expects to raise up to P1.69 billion, assuming the overallotment option is fully exercised.

Proceeds from the IPO will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments and potential acquisitions, the statement said.

The expected IPO run is from Dec. 16 to Dec. 22 while the listing on the main board of the Philippine Stock Exchange is set on Dec. 31, the filing said. 

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