Max’s Group sets price for follow-on offering at Php17.75 per share

By Leslie D. Venzon

MANILA, Nov. 27 (PNA) — Listed Max’s Group, Inc., the country’s largest casual dining restaurant chain, has set its offer to domestic investors of 197,183,100 common shares at Php 17.75 apiece to begin on Monday.

In a disclosure to the Philippine Stock Exchange, Max’s Group said of the projected Php 3.5-billion gross proceeds from the offer, bulk or Php 3 billion would be used to reduce debt obligations incurred for the acquisition of Pancake House, Inc.

The company said the remaining amount would be applied to expand the current store network and fund capital expenditures.

“We are excited to come to the Philippine equity capital market in a transaction that allows investors the ability to participate in the growth of a uniquely positioned and integrated restaurant business at this time,” said Max’s Group president Robert Trota.

The shares sold in the week-long offer are scheduled to be listed and begin trading on the Philippine Stock Exchange, Inc. (PSE) on Dec. 12.

BPI Capital Corp. serves as bookrunner, issue manager and lead underwriter, with BDO Capital Corp. as senior co-lead underwriter.

Max’s, formerly Pancake House, Inc. (PCKH), owns, operates and markets 11 brands including Max’s Restaurant, Krispy Kreme, Jamba Juice, Pancake, Maple, Yellow Cab, Teriyaki Boy, Le Coeur de France, The Chicken Rice Shop, Dencio’s and Sizzlin’ Steak. (PNA)