SEC okays 2 IPOs

Published October 18, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

The Securities and Exchange Commission (SEC) has approved the planned initial public offerings (IPOs) of Cal-Comp Technology (Philippines), Inc. worth P9.29 billion and Fruitas Holdings, Inc. worth P1.06. billion.

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Cal-Comp and Fruitas intend to list in the Philippine Stock Exchange (PSE), following their offers scheduled for November 11 to 18 and November 11 to 22, respectively, according to the companies’ submissions to the Commission.

Fruitas Holdings will offer 533.66 million common shares at a maximum price of P1.99 apiece. The offer comes with an overallotment option for 68.34 million common shares currently held by Next Merchant Holdings, Inc.

Prior to the offer, the company has a total of 1.6 billion issued and outstanding shares. Upon listing, the company will have up to 2.13 billion issued and outstanding shares, 28.21 percent of which will be held by new investors.

The company looks to raise P986.1 million in net proceeds for store network expansion and store improvement (59.4 percent), commissary expansion (5.1 percent), expansion in the food-park business (5.1 percent), acquisition opportunities and introduction of new concepts (15.2 percent), and debt repayment (15.2 percent).

Fruitas is targeting to establish more stores in malls within the National Capital Region and the rest of Luzon as well as increase its footprint in out-of-mall locations and in the Visayas and Mindanao.