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Gerry Liu-led Figaro joins rush to stock market, aims for up to P1.77B IPO

Homegrown diversified food retailer Figaro Coffee Group Inc. is looking to raise as much as P1.77 billion from an initial public offering targeted in December to bankroll expansion plans and pay down debt.

The group behind local coffee shop Figaro, Angel’s Pizza, Taiwanese restaurant Tien Ma’s and Cafe Portofino plans to offer up to 1.26 billion common shares at P1.28 per share, with an option to upsize by 126 million additional shares.

Proceeds from the offer willl be used to fund potential acquisitions, rollout of new branches, renovations, expansion of commissary and upgrade of IT, as well as repayment of debt.

Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. are the joint Issue managers, joint lead underwriters and joint Bookrunners for the share sale.

As of September, the Figaro Group had 90 stores nationwide and in select overseas markets — 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s, one TFG Express and one Café Portofino.

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