Depending on the final pricing of the IPO, GIC would choose to sell some of its shares in SPAVI, formerly known as International Family Food Services Inc (IFFI), The Standard reported.
The restaurant chain is targeting to raise over $113 million (P5.5 billion) via IPO in the Philippine Stock Exchange this year.
SPAVI filed a prospectus with the Securities and Exchange Commission (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 seeks to finalised the offer price in November and targets its projected listing in December 2016.
GIC last March teamed up with Philippine-based conglomerate Century Pacific Group Inc (CPGI) to acquire for an undisclosed amount the IFFI, the owner and operator of SPAVI.
Majority owned by the Po Family’s CPGI, SPAVI owns the rights to the Shakey’s trademark in the Philippines. CPGI is the parent company of local listed Century Pacific Food Inc (CNPF).
The deal was the second one between CPGI and GIC. The first one was last May 2014 when GIC converted a P3.38 billion loan into a 10 per cent stake in CPGI’s canned goods maker CNPF.
The global pizza franchise originally started in the US in 1954 that later expanded overseas such as in Canada, Mexico, Japan, and in the Philippines in 1975, to name a few. SPAVI ended year 2015 with over 170 stores in the Philippines nationwide.