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Figaro Group Completes IPO
- By The Financial District
- Jan 25, 2022
- 2 min read
Figaro Coffee Group, Inc. (FCG) 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 Php 0.75 per common share at 12 noon on January 14, 2022, generating proceeds of Php 767 million.
Photo Insert: 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.
“We are very happy that our IPO generated strong interest from institutional and public investors. We are also grateful to the strong support of the banking community as this reflects their confidence in the food industry, especially in FCG’s subsidiary, Figaro Coffee Systems Inc., a company that has over 25 years of experience,” said FCG’s Chairman, Mr. Justin T. Liu.
“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,” he 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, a multi-brand kiosk which caters to the ever-changing consumer requirement brought by the “new normal,” and 1 Café Portofino outlet.
The Figaro Group gives high importance to product quality through strict production control. It roasts coffee weekly, produces its own bread, pastries, and food products, and engages only with suppliers that meet the same high-quality standards.
FCG will use net proceeds from the IPO for its store openings and renovations, commissary expansion, debt repayment, and IT infrastructure developments. Abacus Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation acted as Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners to the IPO.
