AgriNurture unit Big Chill plans IPO of up to P600M


FOOD and beverage retailer The Big Chill Inc. (TBCI), a subsidiary of food exporter AgriNurture Inc. (ANI), is seeking to raise P500 million to P600 million from the stock market through an initial public offering (IPO) this year.

In a statement on Monday, ANI said the planned market debut of TBCI will enable it to expand to the greater China Region as it leverages on improved bilateral relations between Manila and Beijing.

TBCI owns the brands Big Chill, Fresh Bar, C’Verde, and Canefusion and also franchises Tully’s Coffee in the Asia Pacific region. It recently started offering franchises across its brands in major cities not only in the Philippines but also in Asia and the greater China region.

Proceeds from the planned IPO will fund TBCI’s capital expenditure for its expansion in China, ANI said.
As part of the planned listing, AgriNurture notified its shareholders on Monday, that they would receive one warrant of TBCI, with a five-year American call option — priced at the par value of P1 each for every 2,000 shares of Agrinurture as of the cut-off date of February 3.

Established in 1994, TBCI primarily serves premium quality blended shakes made with 100 percent fresh-cut fruits, targeting mainly the AB and upper C market segments through its extensive network of shops and kiosks.

The Fresh Bar is an expanded concept of Big Chill, which offers the same fresh fruit shakes along with a line of hearty gourmet soups, healthy pasta offerings, fresh salads and sandwiches.

Under its management, ANI said TBCI is projected to generate revenues of close to P5 billion per year.

ANI is engaged in the trading and distribution of fresh fruits and vegetables in the Philippines. It acquired TBCI in 2011. It is also engaged in the management and operation of food and beverage outlets under a range of brands in Manila, Hong Kong, and Xiamen.


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