MANILA - Restaurant chain Shakey's Pizza Ventures Incorporated (SPAVI) hopes to raise P5.5 billion via an initial public offering (IPO) this year.

SPAVI has filed a prospectus with the Securities and Exchange Commission (SEC) to sell around 352 million primary and secondary shares, including 46 million shares to cater for extra demand, at a maximum price of P15.58 each.

The offer price is expected to be finalized in November before its projected listing in December 2016.

“We intend to use the offer proceeds for the expansion of our in-house commissary, working capital requirements, potential acquisitions, and repayment of debt,” the company said Monday.

SPAVI's in-house commissary supplies the bulk of its pizza dough and crust, which is used to create its trademark Thin Crust pizza.

Shakey's was first established in the United States in 1954. It then opened its first restaurant in 1975. Since then, it has been famous for its Thin Crust pizzas, its chicken and mojos.

SPAVI owns the rights to the Shakey's trademark in the Philippines, where it has 177 stores all over the country. Seven more stores are expected to open before the end of the year, with 20 more stores in the works for 2017.

The company also owns the rights to the Shakey's brand for the Middle East, Asia, China, Australia and Oceania markets.

Majority of SPAVI is owned by Century Pacific Group Incorporated (CPGI), parent company of Century Pacific Food Incorporated (CNPF).

Earlier this year, CPGI and GIC, Singapore's sovereign wealth fund, partnered to acquire majority of the pizza business from the Prieto family, which still holds a minority stake in SPAVI.