Fruitas Holdings Inc.’s Balai ni Fruitas Receives Initial IPO Approval from SEC

Balai ni Fruitas, one of the subsidiary companies owned by food and beverage kiosk operator Fruitas Holdings Inc., has received approval from the Securities and Exchange Commission (SEC) for its initial public offering (IPO) expected to raise up to P309.38 million from its share sale. In an en banc meeting held last May 24, the agency also approved Balai ni Fruitas’ registration statement which covers up to 1.49 billion shares.

The Fruitas subsidiary will be offering around 325 million primary common shares priced at up to 75 centavos each. This will also include around 50 million-selling shareholder Fruitas Holdings Inc.’s secondary common shares, in addition to an overallotment option of 37.5 million common shares. The company’s shares will be listed on the Philippine Stock Exchange Inc. (PSE)’s Small, Medium, and Emerging Board

According to the company’s timetable submitted to the SEC, Balai ni Fruitas’s initial public offering will run from June 17 to 21, while the PSE’s listing is scheduled on June 29. The net proceeds accumulated from the sale of the company’s primary shares worth P220.4 million will be allocated for its store network expansion, the introduction of new concepts, potential acquisitions, and its commissary setup. Should the option for oversubscription be fully utilized, its selling shareholder can net up to P65.6 million from its sale of secondary shares.

Food and beverage kiosk operator Fruitas Holdings Inc. specializes in mostly coconut-based food and beverage products in its three brands: Balai ni Fruitas, Balai Pandesal, and Fruitas House of Desserts.

Source: BusinessMirror