Advertisement

PSE approves Fruitas’ initial public offering

The Philippine Stock Exchange Inc. approved the initial public offering plan of leading food and beverage kiosk operator Fruitas Holdings Inc. 

Fruitas Holdings Inc. will offer up to 533,660,000 shares with an over-allotment option of up to 68,340,000 shares at a maximum price of P1.99 each or up to P1.2 billion in total. The shares will be listed on Nov. 29, 2019.

Fruitas will announce the final price on November 14, with the offering period to run from November 18 to November 22. 

It will determine the final terms and conditions of the offering, which includes the final number of shares and price at the end of the book-building period and announced on the pricing announcement date.

Fruitas, which will use the ticker FRUIT, plans to use the proceeds to fund store network expansion and improvement, acquisitions, new concept introductions and debt repayment.

It tapped First Metro Investment Corp. and BDO Capital & Investment Corp. as joint issue managers, joint book-runners and joint lead underwriters of the offering.

The company over the past years has aggressively expanded from over 400 stores at the end of 2016 to 949 as of June 30, 2019. 

Fruitas in 2018 reported P1.58 billion in consolidated revenue, up 37 percent from its P1.15 in 2017, driven by the strong performance of its stores.

Fruitas has over 20 brands in its portfolio, including household names like Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon, Black Pearl, and food parks like Uno Cinquenta in Maginhawa and Le Village The Lifestyle Park in E. Rodriguez Sr. both situated in Quezon City. 

Fruitas also acquired Negril Trading, the company housing De Original Jamaican Pattie Shop and Juice Bar in 2015 and the assets of Sabroso Lechon in 2018.

Topics: Philippine Stock Exchange Inc. , PSE , Fruitas Holdings Inc. ,  initial public offering , IPO
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA
Advertisement