Figaro eyes 200 branch count through IPO

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Courtesy: Figaro Coffee Facebook page

Metro Manila (CNN Philippines, November 27) — Philippine coffee company Figaro Coffee Group, Inc. has applied for an initial public offering worth ₱1.77 billion, which it aims to use to fund its future store openings.

Speaking to CNN Philippines, Figaro Chairman Justin Liu said they are aiming to have a total store count of 200 in 3-5 years and 300 branches by 2029, which already includes all brands under the company.

Currently, the company has 101 stores, he noted.

"We are very excited that we applied to list publicly. Figaro has been in the market for a very long time… We're very proud we are still here, very stable," Liu said.

"We are going very strong that is why we really want to go public and raise funds for our expansion," he added.

Earlier, the Securities and Exchange Commission said Figaro plans to offer 1.26 billion common shares for ₱1.28 apiece, with an overallotment option of up to 126 million shares.

The company is eyeing to have the offer period from Dec. 16 to 22, while listing and trading at the Philippine Stock Exchange is on Dec. 31.

Aside from opening new branches, proceeds from the IPO will also be used for renovations, debt repayment, and acquisitions, among others.

Brands under Figaro are Figaro Coffee, Angel's Pizza, Tien Ma's Taiwanese Cuisine, TFG Express, and Café Portofino.