Figaro Coffee Group, Inc. is “cautiously optimistic” about its growth plans as it prepares for a P1.77-billion initial public offering (IPO) in January.
“We’re targeting about 150 system-wide stores across all our brands by the end of next year — that’s the target, that’s our goal. We’re working towards it, but we are cautiously optimistic,” Figaro Chairman and Director Justin T. Liu told BusinessWorld in a virtual call on Monday.
“We are closely monitoring the pandemic situation, the Omicron variant, how the government will be responding, we’re also monitoring the consumer confidence,” he said.
The company is behind food brands such as Figaro Coffee, Angel’s Pizza, TFG Express, and Tien Ma’s Taiwanese Cuisine.
Figaro will be offering to the public 1.26 billion primary shares for up to P1.28 apiece, with an overallotment option comprising 126 million common shares.
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