PSE okays Fruitas’ P1.2-B IPO

FRUITAS Holdings Inc. has received the approval of the Philippine Stock Exchange ( PSE) for its P1.2-billion initial public offering (IPO).

In a statement on Thursday, the IPO-bound food and beverage kiosk operator said that it was set to be listed on November - nance expansion, store improvements, acquisition, launch of new concepts and debt payment.

The approval came a week after the Securities and Exchange Commission greenlighted its offering.

The offering consists of 533.66 million primary common shares with an overallotment option of up to 68.34 million outstanding common shares.

Maximum price is set at P1.99 apiece. Final price will be announced on November 14.

Offer period is on November 18 to 22.

The investing public could buy issued common shares.

“Going public will further strengthen our position as the leading food & beverage kiosk business player in the country and broaden the opportunities for growth,” Fruitas founder and said in an earlier statement.

BDO Capital & Investment Corp. and First Metro Investment Corp. are the joint issue managers, bookrunners and lead underwriters of the transaction.

public this year following AllHome Corp., Axelum Resources Corp. and Kepwealth Property Phils. Inc.

Earlier, Fruitas said it was eyeing to grow its consolidated revenues by 27 percent to P2 billion this year on the back of increasing distribution channels.

The food and beverage kiosk operator saw its consolidated revenues in 2018 increase by 37 percent to P1.58 billion from year-earlier P1.16 billion due to robust store performance.

As of end-June, Fruitas has 949 stores across the country.