Figaro optimistic of 'good future' ahead of its initial public offering

ABS-CBN News

Posted at Dec 10 2021 10:11 AM

MANILA - Figaro Coffee Group bets on the receptive investor market and the ongoing economic recovery to buoy its stock exchange debut even during the COVID-19 pandemic, its chairman said Friday.

Although the food sector was badly hit by mobility restrictions, recovery is on the way, Figaro Coffee Group Inc director and chairman Justin Liu told ANC.

Figaro has secured the approval of the Philippine Stock Exchange and the Securities and Exchange Commission for its initial public offering (IPO).

The home-grown coffee chain is set to debut on Dec. 31, the last IPO for the year.

"Many are wondering why now? The answer really is there’s really no good time, there’s no perfect timing. We don’t know when to time the market," Liu said.

"There are a lot of companies going public now. The investor reception is very good, global markets in the US and even the Philippines [has] recovered quite well. Basically, we see a very good future for the food and beverage industry in the Philippines so we think it’s a good time," he added.

Figaro, which has been around since 1993, eyes opening more company-owned branches.

Today, franchises make up for 50 percent of its portfolio, Lui said. 

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