Figaro shares up during IPO
January 24, 2022 - Monday 7:01 PM by GDM
Figaro Coffee Group Inc. made an impressive stock market debut on Monday, which bucked a bearish mood in the local bourse.
Shares in Figaro posted an intra-day high of 18.6% before tempering those gains and closing up 2.67%
The company completed its IPO of 930,166,000 common shares with an overallotment option of up to 93,016,000 common shares at an offer price of P0.75 per common share.
The maiden share sale generated proceeds of P767 million.
“We are very happy that our IPO generated strong interest from institutional and public investors,” Figaro Chairman Justin Liu said.
“We would like to assure our investors and customers that FCG will continue to look for avenues for growth and we endeavor to provide high quality products,” Liu added.
The Figaro Group is a set of retail restaurants with 109 branches nationwide and international territories that serve a wide variety of food offerings and services.
As of January 21, 2022, the Figaro Group currently operates 56 Figaro coffee shops, 39 Angel’s Pizza outlets, 6 Tien Ma’s Taiwanese cuisine restaurants, 7 TFG Express outlets and 1 Café Portofino outlet.
FCG will use net proceeds from the IPO for its store openings and renovations, commissary expansion, debt repayment, and IT infrastructure developments.
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