The Big Chill plans IPO up to P600M

MANILA, Philippines – The Big Chill Incorporated (TBCI), a subsidiary of publicly listed AgriNurture Incorporated, plans to raise P500 million to P600 million through an initial public offering (IPO) slated this year.

AgriNurture president and chief executive officer Antonio Tiu confirmed in a text message that the company will revive the proposed listing of TBCI.

TBCI owns iconic brands Big Chill and Fresh Bar. It also holds the franchise of Tully’s Coffee in the Asia Pacific region.

Proceeds from the planned IPO will fund the company’s expansion in China, as it plans to make the most out of improved bilateral relations between Manila and Beijing.

As part of the planned listing, AgriNurture notified its shareholders on Monday, January 23, that they would receive one warrant of TBCI, with a 5-year American Call Option that will expire on January 19, 2022. This is priced at par value of P1 each for every 2,000 shares of AgriNurture as of February 3, 2017.

It was in 2011 when AgriNurture acquired TBCI. It was also during that year when Tiu first announced plans to list its fruit shake chain with the Philippine Stock Exchange (PSE) through listing by way of introduction.

TBCI was established in 1994 as a new concept serving premium quality blended shakes made with 100% fresh-cut fruit. (READ: Sugarhouse, Big Chill fail to seal deal)

Its parent firm has served raw material to the food service sector in Asia for the last two decades, following its farm-to-plate model.

Fresh Bar, meanwhile, is an expanded concept of Big Chill which also offers fresh fruit shakes along with a line of gourmet soups, pasta offerings, fresh salads, and sandwiches.

AgriNurture, which is engaged in the trading and distribution of fresh fruits and vegetables in the Philippines, acquired TBCI in 2011 as part of its goal of becoming a global leader in providing nutrition from farm to plate.

TBCI is projected to generate revenues close to P5 billion a year.

To date, there are 8 brands in the TBCI roster, catering to a variety of market segments. – Rappler.com