Figaro up 2.7% in market debut

MANILA, Philippines — The Figaro Coffee Group Inc. (FCG) made its debut at the Philippine Stock Exchange yesterday, rising 2.67 percent.

The stock closed at P0.77 per share after reaching a high of P0.89 from the initial public offering price of P0.75 per share.

FCG, the second company to go public this year after HausTalk Inc., raised P767 million from the sale of 930.2 million common shares, with an over-allotment option of up to 93 million common shares.

Proceeds would be used for store openings and renovations, commissary expansion, debt repayment, and IT infrastructure developments.

FCG chairman Justin Liu said the 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,” Liu said.

He said FCG would continue to look for more opportunities to grow.

“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 said.

For the IPO, the company tapped Abacus Capital & Investment Corp, China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners.

The Figaro Group is a set of retail restaurants with 99 branches nationwide and international territories that serve a wide variety of food offerings and services.

As of Nov. 10, 2021, FCG operates 55 Figaro coffee shops, 35 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, three TFG Express outlets, a multi-brand kiosk that caters to the ever-changing consumer requirement brought by the “new normal,” and one Café Portofino outlet.

The Figaro Group roasts its coffee, produces its own bread, pastries, and food products, and engages only with suppliers that meet the same high-quality standards.