MANILA, Philippines – Food and beverage kiosk operator Fruitas Holdings filed for a P1.2-billion initial public offering (IPO) with the Securities and Exchange Commission, the company announced on Monday, September 9.
Fruitas said it is planning to offer up to 533,660,000 primary common shares with an overallotment option of up to 68,340,000 outstanding common shares at a maximum price of P1.99 each.
Primary proceeds could reach a maximum of P1.06 billion and the total IPO could reach P1.2 billion.
"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," Fruitas president and chief executive officer Lester Yu said.
Fruitas intends to run the offer period from November 18 to 22 and targets to list before the end of 2019.
Public float can reach up to 28.2% of the company's total issued shares.
BDO Capital & Investment Corporation and First Metro Investment Corporation have been appointed as joint issue managers, joint bookrunners, and joint lead underwriters for the offering.
Fruitas has over 20 brands in its portfolio, including household names like Buko Loco, Juice Avenue, Buko ni Fruitas, and Johnn Lemon, as well as food parks like Uno Cinquenta in Maginhawa and Le Village Lifestyle Park in Quezon City.
Fruitas said it sees consolidated revenues of P2 billion in 2019, given a favorable economic environment and more opportunities for expansion.
In 2018, Fruitas reported P1.6 billion in consolidated revenues, a 37% increase from P1.15 billion in 2017, driven by network expansion and strong performance of its stores. – Rappler.com