Shakeys Pizza Asia Ventures Inc. sizzled on its debut at the Philippines Stock Exchange, as it climbed 7.5 percent despite the market’s steep decline on US Federal Reserve’s rate hike.
SPAVI opened at a high of P12.36 from an initial public offering price of P11.26 before closing at P12.10 Thursday, making it the most actively traded stock and one of the top advancers for the day.
SPAVI president and chief executive Vicente Gregorio said in an interview following the listing ceremony the company planned to have 250 to 300 stores over the next three to five years.
Gregorio said the company would end 2016 with a total of 184 stores and would open 20 new stores in 2017.
Gregorio said after 2017, the company planned to open an average to 12 to 15 stores annually. Average investment for a store is P20 million, he said.
He said while the company is the leading full service pizza chain in the country with more 26-percent market share, it still has great expansion opportunities outside Metro Manila, particularly in the Visayas and Mindanao.
Gregorio said by next year, the company would also have its first store outside the Philippines.
SPAVI, owned by the Po family, is making its foray overseas next year. Gregorio said the first store overseas was expected to open in Kuwait in the first half of 2017.
SPAVI signed a franchise agreement with Kuwaiti partners, involving the opening of 10 Shakey’s stores over the next seven years.