Site icon News Bit

SEC approves Balai ni Fruitas’ P309-million IPO – BusinessWorld Online

THE Securities and Exchange Commission (SEC) on Wednesday announced that it approved the initial public offering (IPO) of Balai ni Fruitas, Inc. for up to P309.38 million.

In its May 24 meeting, the commission en banc resolved to render effective the registration statement of Balai ni Fruitas covering up to 1.495 billion common shares, subject to the company’s compliance with remaining requirements.

The company will offer to the public up to 325 million primary common shares priced at up to 75 centavos each and up to 50 million secondary common shares currently held by selling shareholder Fruitas Holdings, Inc. There will also be an overallotment option of up to 37.5 million common shares.

Net proceeds from the sale of the primary shares are expected to amount to about P220.4 million. Assuming the oversubscription option is fully exercised, the selling shareholder can net up to P65.6 million from the sale of the secondary shares.

The company said it will use the proceeds for store network expansion, commissary setup, introduction of new concepts, and potential acquisitions.

According to the latest timetable, the IPO will run from June 17 to 21, with listing at the stock exchange scheduled for June 29.

The shares will be listed on the small, medium, and emerging board of the Philippine Stock Exchange, Inc.

The company tapped First Metro Investment Corp. as issue manager, bookrunner, and underwriter for the offer.

Balai Ni Fruitas is a food and beverage company that offers coconut-based beverages and desserts through brands such as Buko Ni Fruitas, Fruitas House of Desserts, and Balai Pandesal. It is a wholly owned subsidiary of Fruitas Holdings.

Fruitas Holdings serves as the holding company of food and beverage kiosk operators. It has more than 25 active brands in its portfolio.

As of end-2021, its established store count reached 720 across the Philippines. The group serves fresh fruit shakes and juices, lemonade, coolers, milk tea, desserts, meat-filled pastries, soya-based products, baked goods, and roasted pig, among other products.

Fruitas Holdings marked 2021 as its entry in the baked goods industry through the acquisition of Balai Pandesal assets in June by one of its unit, Balai Ni Fruitas. — Luisa Maria Jacinta C. Jocson

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – abuse@newsbit.us. The content will be deleted within 24 hours.
Exit mobile version