Figaro pushes back IPO to January

By Keren Concepcion G. Valmonte, Reporter  

Figaro Coffee Group, Inc. is pushing back its initial public offering (IPO) to January next year.  

In a listing notice on Friday, the Philippine Stock Exchange (PSE) said it received a letter from the Figaro IPO’s joint issue managers, joint lead underwriters, and joint bookrunners to revise the timetable.  

Figaro will now make its stock market debut on Jan. 22, 2022, instead of its planned New Year’s Eve debut.  

The offer period will now run from Jan. 10 to 14, instead of the original schedule or Dec. 16 to 22.  

The Figaro IPO price will be set on Dec. 22, instead of Dec. 10. 

Abacus Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. said the IPO has been delayed “in deference to the upcoming holiday season, specifically to ensure the timely completion of the documentary requirements of the investing public for the offer.”  

In an interview with the ABS-CBN News Channel’s Market Edge on Friday morning, Figaro chairman and director Justin T. Liu was asked if he was worried that Medilines Distributors, Inc.’s 30% plunge on its market debut would cloud Figaro’s own IPO.  

“It is a bit concerning but we see that we’re different companies,” Mr. Liu said.  

“We feel that each company has their own intricacies and we cannot really say that whatever happens to other shares that list will also happen to us.” 

Figaro is the company behind brands such as Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese Cuisine, TFG Express, and Café Portofino. The company has an optimistic outlook for the food-and-beverage (F&B) industry.  

“We’re looking at [a] longer point-of-view, we see the F&B industry, the Philippine industry growing very well and we feel that whatever happens to the IPO, the future is very bright,” Mr. Liu said.  

Figaro is planning to offer 1.26 billion common shares for as much as P1.28 per share, with an overallotment option of 126 million shares.  

The company received the go signal from the PSE for its P1.77-billion IPO on Monday.  

It plans to use net proceeds from the offer to fund future store launches and renovation of existing stores, commissary expansion, debt repayment, IT (information technology) infrastructure developments, and potential acquisitions.