MANILA, Philippines – Shakey’s Pizza Asia Ventures Incorporated (SPAVI) is seeking to debut on the equities market with an initial public offering (IPO) for as much as P5.5 billion.
Shakey’s on Monday, October 10, filed a prospectus with the Securities and Exchange Commission to sell up to 352 million primary and secondary shares, including 46 million shares to cater to extra demand, at a maximum price of P15.58 each.
The offer price is expected to be finalized in November, ahead of a possible listing in December this year, the restaurant chain said in a statement.
“We intend to use the offer proceeds for the expansion of our in-house commissary, working capital requirements, potential acquisitions, and repayment of debt,” Shakey’s said late Monday.
Deutsche Bank AG has been appointed as sole global coordinator and bookrunner for the deal, with BDO Capital and Investment Corporation as well as First Metro Investment Corporation serving as joint lead managers and underwriters.
Evercore is acting as exclusive financial adviser to SPAVI.
SPAVI is majority owned by the Po family’s Century Pacific Group Incorporated (CPGI), parent company of Philippine-listed Century Pacific Food Incorporated (CNPF).
Earlier this year, CPGI and GIC, Singapore’s sovereign wealth fund, partnered to acquire majority of the pizza business from the Prieto family, which continues to hold a minority stake in SPAVI.
Shakey’s has 177 stores all over the Philippines as of June 2016, with plans to expand in the greater Manila and provincial areas.
The restaurant chain plans to open 7 more stores before the end of 2016, and 20 more next year.
Aside from the Philippines, SPAVI also owns perpetual rights to the Shakey’s brand for the Middle East, Asia (excluding Japan and Malaysia), China, Australia, and Oceania. – Rappler.com