By James A. Loyola
Fruitas Holdings, Inc. (FHI), the leading food and beverage kiosk operator in the Philippines, has priced its initial public offering (IPO) at ₱1.68 per common share.
“The Company agreed to price the issue at ₱1.68 per share in order to ensure a healthy performance of the stock upon listing,” said BDO Capital & Investment Corporation President Eduardo V. Francisco.
First Metro Investment Corporation Executive Vice President Daniel D. Camacho added that, “given the attractive pricing, we look forward to more participation from the general investing public investors.”
Fruitas is offering 533.66 million primary common shares with an over-allotment option of up to 68.34 million outstanding common shares for the IPO. The offer shares account for up to 28.2 percent of the company’s total issued shares.
BDO Capital & Investment Corporation and First Metro Investment Corporation are acting as joint issue managers, lead underwriters and bookrunners. RCBC Capital is a participating underwriter.
The offer period is scheduled from November 18 to November 22 in time for the listing and the commencement of the trading of the company’s shares on the Main Board of the Philippine Stock Exchange under the ticker symbol “FRUIT” on November 29.
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.
Fruitas is a front-runner in the industry, growing over 20 brands under its name and over 900 stores nationwide. Moreover, FHI has cemented its position as a market leader across four kiosk-type business segments — fruit shakes under Fruitas, coconut beverages under Buko ni Fruitas, meat-filled pastries under De Original Jamaican Pattie, and lemonade Johnn Lemon, based on a recent study by the University of Asia & Pacific.