Philippine Shakey's pizza prices IPO at top of range

A Shakey's Pizza restaurant in Dumaguete City, Philippines.
A Shakey's Pizza restaurant in Dumaguete City, Philippines.PHOTO: MIKE GONZALEZ (THECOFFEE)

MANILA • The Philippine operator of Shakey's pizza restaurant chain priced its initial public offering (IPO) at the top end of the indicative range, the deal's underwriter said on Tuesday.

Shakey's Pizza Asia Ventures Inc will sell shares at 11.26 pesos (32 Singapore cents) each to raise 3.96 billion pesos for its expansion plans, president of BDO Capital & Investment Corp Eduardo Francisco said.

The indicative price range was at 10.70 pesos to 11.26 pesos apiece, Thomson Reuters publication IFR reported last week. The offer period will run from Friday to Dec 8, with listing set on Dec 15.

Singapore sovereign investor GIC is selling its shares in the pizza parlour operator, which also owns the perpetual rights to the Shakey's brand for the Middle East, Asia excluding Japan, Malaysia, China, Australia and Oceania.

Shakey's Pizza is only the fourth company to debut in the Philippine Stock Exchange this year.

The broader index is South-east Asia's second-worst performing bourse, posting year-to-date losses of about 2.25 per cent as foreign funds exit emerging markets ahead of an expected United States Federal Reserve rate hike next month.

REUTERS

A version of this article appeared in the print edition of The Straits Times on November 30, 2016, with the headline 'Philippine Shakey's pizza prices IPO at top of range'. Print Edition | Subscribe