The Securities and Exchange Commission has cleared the planned initial public offering of homegrown diversified food retailer Figaro Coffee Group Inc. which is estimated to raise as much as P1.69 billion

The company, led by bilyonaryo Gerry Liu, primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino.

It will offer to the public up to 1.26 billion common shares at a maximum price of P1.28 per share, with an overallotment option of up to 126 million common shares.

Proceeds from the share sale will be used to support new store openings, renovations and expansion of commissary as well as repayment of debt, upgrade of IT infrastructure and potential.

The group owns a total of 90 stores across its five brands.

Figaro is targeting to list on December 31 following its IPO scheduled on December 16 to 22.

Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital are the joint issue managers, joint lead underwriters, and joint bookrunners for the IPO.

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Gerry Liu’s Figaro gets the greenlight for P1.69B IPO
Source: Filipino Daily Inquirer