Shakey?s Pizza Asia Ventures Inc. sizzled on its first trading day on the local bourse, rising 7.5 percent despite the market?s steep plunge after the US Federal Reserve raised interest rates.
From its initial public offering price of P11.26 per share, Shakey’s peaked at P12.36 per share prior to closing at P12.10.
The company remains bullish on its prospects in the near term as it plans to increase its store portfolio to 250 to 300. It expects to end the year with a total of 184 branches with 20 new ones in the works for 2017.
It plans to open between 12 and 15 stores annually. Each store entails an investment of about P20 million.