Po family ready to brave bearish stock market, sets early December date for Shakey’s IPO
Shakey’s Pizza Asia Ventures Inc (SPAVI) obtained the Securities and Exchange Commission’s nod to push ahead with its stock market debut this year.
SPAVI intends to sell up to 352 million primary and secondary shares at a maximum price of P15.58 each. These shares include an overallotment option of 46 million shares.
The offering is targeted to kick off on Dec. 2 while the listing of the shares is reportedly set for Dec. 15.
SPAVI’s is majority owned by Century Pacific Group of the Po Family.
Deutsche Bank AG is the sole global coordinator and book runner for the issue while BDO Capital and Investment Corp. and First Metro Investment Corp. are the joint lead managers and underwriters.
The pizza chain is a franchise of the US brand famous for its thin-crust pizzas. It has more than 170 branches in the Philippines, with seven more stores expected to open before the end of the year, and 20 more in the pipleline for 2017.