The Philippine Stock Exchange (PSE) said it has approved the P309.38-million initial public offering (IPO) of Balai ni Fruitas Inc.
The unit of listed Fruitas Inc. is looking to sell 412.5 million common shares, including 87.5 million secondary shares held by selling shareholder Fruitas Holdings Inc., at an offer price of up to P0.75 apiece. Of the shares for sale, 37.5 million covers the greenshoe option.
The company said it will use the proceeds for store network expansion, commissary setup, and introduction of new concepts and potential acquisitions.
The IPO is eyed to be priced on June 15, 2022, while the offer period will run between June 17 to 21. Listing on the PSE is scheduled on June 29.
The shares will be listed on the small, medium and emerging board of the PSE.
First Metro Investment Corp. will serve as issue manager, bookrunner and underwriter.
For 16 years, Balai Ni Fruitas Inc. (formerly known as Buko Ni Fruitas Inc.) has been committed to providing the freshest products with utmost quality. It is home to three well-known brands: Balai Pandesal, Buko Ni Fruitas, and Fruitas House of Desserts – which offers a wide selection of delectable foods and beverages that has consistently kept the customers happy, excited, and satisfied.
Since its establishment, Balai Ni Fruitas Inc. has continuously expanded locally, with stores as of September 30, 2021 totaling to 69 across the country.
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Article Reference https://malaya.com.ph/news_business/pse-approves-balai-ni-fruitas-ipo/