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Fruitas bullish for 2019, IPO soon?
MANILA, Philippines – Kiosk operator Fruitas is bullish on its growth prospects this year and hopes to launch more brands, bringing its number of stalls to 1,000 in 2019.
In a statement on Tuesday, July 30, Fruitas said it sees consolidated revenues of P2 billion in 2019, amid a favorable economic environment and more opportunities for expansion.
In 2018, Fruitas reported P1.6 billion in consolidated revenues, a 37% increase from P1.15 billion in 2017, driven by network expansion and strong performance of its stores.
Aside from the popular fruit shakes, Fruitas also owns 16 other brands in its portfolio like Sabroso Lechon, Lucky Chan, De Original Jamaican Pattie, Johnn Lemon, and Shou.
It has also teamed up with Grab and supplies fresh coconut water to CocoDelivery.
With all the favorable news, is this a signal for Fruitas to finally push through with its initial public offering (IPO) this year?
Fruitas was among the companies that shelved IPO plans in 2018 amid a bear market.
Fruitas said last January that it is pushing for a P2-billion IPO by the 2nd half of 2019, with the raised funds to be used for expansion and upgrading facilities. – Rappler.com
Ralf Rivas
@RalfRivasA sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.
