Metro Manila (CNN Philippines, January 25) — Figaro Coffee Group, Inc.’s defied a weak market after a successful initial public offering on Monday.
From an offer price of ₱0.75, the homegrown brand’s shares rose by 2.67% to close at ₱0.77 in its market debut.
“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,” FCG chairman Justin Liu said in a statement.
In another statement, PSE President and CEO Ramon Monzon said “the successful completion of Figaro Coffee Group’s maiden share sale demonstrated investor confidence in the products and prospects of the company’s food and beverage brands as well as its strategic objectives to further grow its business.”
Figaro is known for the brands Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese Cuisine, TFG Express, and Café Portofino.
As of Jan. 21, it operates 56 Figaro coffee shops, 39 Angel’s Pizza outlets, 6 Tien Ma’s Taiwanese cuisine restaurants, 7 TFG Express outlets, and a Café Portofino outlet.
Proceeds from the initial offering will be used for store openings and renovations, commissary expansion, debt repayment, and IT infrastructure developments.
