Fruitas prices IPO at P1.68 per share
Iris Gonzales (The Philippine Star) - November 15, 2019 - 12:00am

MANILA, Philippines — Fruitas Holdings Inc. (FHI),  a food and  beverage kiosk operator in the Philippines, has priced its initial public offering (IPO) at P1.68 per share.

BDO Capital & Investment Corp. president Eduardo V. Francisco said the company agreed to price the issue at P1.68 per share to ensure a healthy performance of the stock upon listing.

First Metro Investment Corp. executive vice president Daniel Camacho said they look forward to strong participation from investors.

“Given the attractive pricing, we look forward to more participation from the general investing public investors,” Francisco said.

BDO Capital and FMIC are acting as joint issue managers, lead underwriters and bookrunners. RCBC Capital is a participating underwriter.

FHI, which is scheduled to list on Nov. 29, is offering 533.7 million primary common shares with an over-allotment option of up to 68.3 million outstanding common shares.  The  shares account for up to 28.2 percent of the company’s total issued shares.

The offer period will run from Nov. 18 to  22.

FHI, chaired by businessman Lester Yu, said proceeds would be used to expand the company’s network of food kiosks.

“The company plans to use its proceeds from the IPO to fund its store network expansion and improvement, acquisitions, new concept introductions, and debt repayment,” Yu said.

Fruitas started in 2002 with a single kiosk in SM Manila back in 2002.

After 17 years, the company has been steadily growing over 20 brands under its name and over 900 stores nationwide.

In all, FHI has four kiosk-type business segments. These are the fruit shakes under Fruitas; coconut beverages under Buko ni Fruitas; meat-filled pastries under De Original Jamaican Pattie, and lemonade Johnn Lemon.

FHI is also behind known Filipino brands such as Sabroso Lechon, Juice Avenue, Black Pearl, and lifestyle food parks like Le Village and Uno Cinquenta in Quezon City, among others.

The company will be the fourth company to list in the Philippine Stock Exchange this year after Kepwealth Property Philippines, AllHome and Axelum.

DANIEL CAMACHO EDUARDO V. FRANCISCO
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