MANILA - The Philippine Stock Exchange has cleared the initial public offering of Figaro Coffee Group.

Figaro will 1.26 billion primary shares and up to 126 million over-allotment shares after securing PSE approval for its offering, the stock exchange said.

FCG’s shares will be sold at a price of up to P1.28 per share, with the final offer price to be determined on Dec. 10 after the company conducts its book-building process, the PSE said.

The company’s offer period is scheduled from Dec. 16 to 22 while its tentative listing date is set on Dec. 31.

“This shows that despite the pandemic, companies new to the stock market have the opportunity to raise capital through equity financing,” said PSE President and CEO Ramon S. Monzon.

The PSE said 10 percent of Figaro’s firm offer shares will be reserved for local small investors, who may subscribe to the IPO through the PSE EASy website or mobile application.

The SEC had also earlier cleared Figaro's listing saying the company expects to raise up to P1.69 billion from the offer.

Figaro operates the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino.

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