MANILA, Philippines – Food and beverage kiosk operator Fruitas Holdings priced its initial public offering (IPO) at P1.68 per common share, lower than the maximum price of P1.99 it previously announced.
BDO Capital and Investment Corporation and First Metro Investment Corporation, Fruitas’ issue managers, said on Thursday, November 14, that the price ensures a healthy performance upon listing.
Fruitas is offering 533,660,000 primary common shares with an overallotment option of up to 68,340,000 outstanding common shares for the IPO. The offer shares account for up to 28.2% of the company’s total issued shares.
The offer period is scheduled from November 18 to 22.
Listing on the main board of the Philippine Stock Exchange will be on November 29, with Fruitas trading under the symbol FRUIT.
The company plans to use the raised funds for its store network expansion, acquisitions, new concept introductions, and debt repayment.
Fruitas started with a single kiosk at SM Manila back in 2002. Since then, it has grown to over 900 stores nationwide with 20 brands. – Rappler.com