Figaro Coffee seeks new growth avenues after IPO

The Philippine-based company generated P767m in proceeds.

Newly listed Figaro Coffee Group, Inc. (FCG) will look for new avenues for growth after generating some P767m, approximately US$14.98m, of proceeds from its initial public offering (IPO).

Figaro Coffee completed its IPO of more than 930 million common shares with an overallotment option of up to 93 million common shares at a price of P0.75 per share.

“We would like to assure our investors and customers that FCG will continue to look for avenues for growth and we endeavor to provide high quality products,” FCG Chairman Justin T. Liu said.

The proceeds from the IPO are earmarked for the group’s store openings and renovations, commissary expansion, debt repayment, and IT infrastructure development.

The Figaro Group so far has 109 branches in the Philippines and across the globe. Of this, 56 are Figaro coffee shops, 39 Angel’s Pizza outlets, 6 Tien Ma’s Taiwanese cuisine restaurants, 7 TFG Express outlets and 1 Café Portofino.