Figaro files IPO application to raise P1.77 billion

The Securities and Exchange Commission has received on October 4 the registration statement of Figaro Coffee Group Inc. for an initial public offering of up to 1.26 billion common shares priced at P1.28 per share, plus an overallotment option of up to 126 million shares.

Proceeds – which would be as much of P1.77 billion – from the offer will be used to fund store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions.

The company has engaged Abacus Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.

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