Shakey’s Pizza Ventures (Spavi) aims to raise more than P5.5 billion (US$113 million) through an initial public offering (IPO) in the Philippine Stock Exchange this year.
The restaurant chain has filed a prospectus with the Securities and Exchange Commission (SEC)
to sell up to 352 million primary and secondary shares, including 46 million shares at P115.58 apiece, to meet excess demand.
Spavi seeks to finalise the offer price in November, and targets its projected listing in December.
“We intend to use the offer proceeds to expand our in-house commissary, meet working capital requirements, look at potential acquisitions and repay debt,” the company says.
The chain has appointed Deutsche Bank as sole global coordinator and bookrunner for the deal, while BDO Capital and Investment Corp, and First Metro Investment Corp will serve as joint lead managers and underwriters. Evercore is the financial adviser.
Majority owned by the Po family conglomerate Century Pacific Group (CPGI), Spavi owns the rights to the Shakey’s trademark in the Philippines. CPGI is the parent company of Century Pacific Food(CNPF).
To create Shakey’s trademark thin-crust pizza, Spavi’s in-house commissary supplies the bulk of its proprietary pizza dough and crust. The global pizza franchise originated in the US in 1954, expanding to Canada, Mexico, Japan and, in 1975, the Philippines. It now has more than 170 stores in the Philippines.