Fruitas IPO gets Philippine Stock Exchange Approval

Local food and beverage kiosk company Fruitas Holdings, Inc. has gained the approval of the Philippine Stock Exchange, Inc. (PSE) to conduct its initial public offering (IPO) next month. The firm plans to offer 533,660,000 shares with an over-allotment option of up to 68,340,000 shares, which will be priced at a maximum of P1.99 apiece. This would raise up to P1.2 billion in total for the company. The final terms and conditions of the offer  including the actual number of shares it will sell and the offer price per share  are yet to be finalized.

Fruitas will announce pricing details on November 14, while the offer period will be from November 18 to 22. The company will list its shares, with the ticker FRUIT, on the bourse on November 29. The company said it will be using the proceeds from its IPO to expand its store network and to fund further acquisitions, introduction of new concepts and debt repayment. Fruitas has 949 stores as of June 30 and owns more than 20 brands, including Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon and Black Pearl.  Last year, Fruitas was able to record a consolidated revenue of P1.58 billion, up by 37% over prior year, due to robust sales from its stores nationwide.