SEC approves IPOs of Fruitas, Cal-Comp
Iris Gonzales (The Philippine Star) - October 19, 2019 - 12:00am

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the initial public offering of Fruitas Holdings Inc. and  Cal-Comp Technology (Philippines) Inc.

Fruitas, a food and beverage kiosk operator, is targeting to raise P1.2 billion from the IPO with a base offer of up to 533.66 million primary common shares including an over-allotment option of up to 68.34 million outstanding common shares at a maximum price of P1.99 each.

Lester Yu, founder and chief executive officer of Fruitas, said that with the IPO, the company would be able to expand and grow along with the Philippine economy.

“The IPO will allow us to serve our products to more Filipinos, source more raw materials, employ more people and contribute to the growth of the Philippine economy.” Yu said.

Fruitas is targeting to list on Nov. 29 after the offer period which is slated to run from Nov. 18 to 22.

At present, Fruitas has a portfolio of over 20 brands in the market including household names like Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon and Black Pearl.

It also operates food parks namely Uno Cinquenta and Le Village The Lifestyle Park, both in Quezon City.

Fruitas also acquired Negril Trading, the company that owns De Original Jamaican Pattie Shop and Juice Bar in 2015.  Last year, it acquired the assets of Sabroso Lechon.

Cal-Comp, on the other hand, expects to raise P8.8 billion from an offering of 371.4 million common shares, with an over allotment option of 55.7 million common shares currently held by Kinpo International (Singapore) Pte. Ltd.

After the maiden offering, Cal-Comp will have a public float of 28.87 percent.

Proceeds from the IPO will be used for expansion, capital expenditures, debt repayment, research and development and working capital.

Cal-Comp is engaged in the development and manufacture of consumer electronic products. These include data storage products, calculators, pachinko displays, smart home appliances and smart beauty products.

It is part of the Taiwan-based New Kinpo Group, a conglomerate which manufactures a broad range of key electronic product lines, including storage, printers, network-attached storage, wireless and broadband, digital home appliances, consumer electronics, wearables, 3D printing, robotics, power management and smart grid, industrial, automotive, security, medical/healthcare and emerging technologies.

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