• Fruitas stocks pick up in market debut

Fruitas Holdings Inc. proved that it is right for the picking after it blossomed in its stock market debut Friday.

Shares of Fruitas, which became the fourth and last firm to go public this year, rose by 1.79 percent to P1.71 from its initial public offering (IPO) price of P1.68 per share.

It opened strong at P1.82 then peaked at P2.45, before losing momentum until the market closed.

The company offered 533.66 million primary common shares with an over-allotment option of up to 68.34 million outstanding common shares.

Proceeds of the IPO will fund Fruitas’ store network expansion and improvement, acquisitions and new concept introductions, commissary expansion and debt repayment.

“The listing provides us funding which will allow us to be nimble and respond to our customers’ evolving preferences. Together with the IPO proceeds and strong cash generation of our operations, the listing will open up more opportunities for us to aggressively grow our business,” Fruitas president and CEO Lester Yu said.

Moving forward, the group targets to expand its network by another 150 to 250 stores annually up to 2022.

“We have set aside about P600 million in the next three years. In terms of usage of that capex, that would depend on how fast we grow from year to year,” Fruitas chief financial adviser Calvin Chua said.

Chua said the capex allotment covers both network expansion as well as store improvement and all necessary logistics.

Fruitas has 1,036 stores across the country as of Nov. 26.

Starting from a single kiosk stand in SM Manila in 2002, Fruitas has expanded its portfolio and is now behind wellloved brands such as Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Sabroso Lechon, Juice Avenue, and Black Pearl.

“In the Philippines, we see a lot of opportunity in the near term so we will focus on the Philippines first. However, if opportunities present themselves we will not shy away,” Chua said when asked about the company’s international expansion plans.

Fruitas revenues grew by 33 percent in the first half to P941 million.

FRUITFUL STOCK MARKET DEBUT: Fruitas Holdings Inc. successfully debuts at the Philippine Stock Exchange with the traditional bell-ringing ceremony, participated by company officials (from left) independent director Bambi Donato, chief financial officer Irene Chua, independent director Dennis Beng Hui, independent director Shirley Tan, chief financial adviser Calvin Chua, chairman Roger Guadalquiver and president and CEO Lester Yu, with PSE chairman Jose Pardo, president and CEO Ramon Monzon and chief operating officer Roel Refran.