Fruitas goes for P1.2-B IPO

Food and beverage kiosk operator Fruitas Holdings Inc. on Monday said it has filed for a P1.2-billion initial public offering (IPO) before the Securities and Exchange Commission (SEC).

The company plans to offer up to 533,660,000 primary common shares, with an over-allotment option of up to 68,340,000 outstanding common shares at a maximum price of P1.99.

Gross primary proceeds can reach a maximum of P1.06 billion, with the total IPO possibly reaching P1.2 billion.

According to the company, proceeds from the maiden share sale will be used to finance its nationwide expansion.

“The proceeds will be used to fund our store network expansion across the Philippines and expand our commissary to serve more customers. New capital will also be used towards acquisition of foodservice businesses and introduction of new concepts which have a strategic fit with our operations,” said Fruitas President and CEO Lester Yu.

“We view the potential listing on the Philippine Stock Exchange as part of our growth journey and are excited to have taken the first step by filing our registration statement,” he added.

Subject to regulatory approvals, Fruitas said it plans to offer the shares from November 18 to 22, with the shares to be listed before the end of the year.

Fruitas currently has over 20 brands in its portfolio, including brands such as Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon, and Black Pearl.

Its portfolio also includes food parks such as Uno Cinquenta in Maginhawa and Le Village The Lifestyle Park along E. Rodriguez St.

Fruitas has appointed BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers, joint bookrunners, and joint lead underwriters for the offering. —Jon Viktor Cabuenas/VDS, GMA Newspse ipo