Shakey’s Pizza Asia Ventures Inc (SPAVI) is all set to go public in the Philippines after the Securities and Exchange Commission (SEC) approved its initial public offering (IPO) of up to $110 million (P5.5 billion).
The company would offer 352 million primary and secondary shares priced of up to P15.58 apiece.
Shakey’s Pizza Asia Ventures maiden share offering is slated on December 2 to December 8. However, its listing date was tentatively set on December 15.
IPO proceeds would be used for the expansion of the firm’s in-house commissary, working capital requirements, potential acquisitions, and repayment of debt.
Only recently, Singapore’s sovereign investor GIC disclosed plans to sell some of its shares in Shakey’s Pizza Asia Ventures Inc.
SPAVI filed a prospectus with SEC last month to sell up to 352 million primary and secondary shares, including 46 million shares priced at P115.58 apiece, to meet excess demand.
SPAVI is majority owned by conglomerate Century Pacific Group Inc (CPGI). The pizza chain ended year 2015 with over 170 stores in the Philippines nationwide.
GIC last March teamed up CPGI to acquire for an undisclosed amount the IFFI, the owner and operator of SPAVI.