Capital

Fruitas Holdings Files for P1.2-Billion IPO

Funds raised will be used for further store expansion and new store concepts.
ILLUSTRATOR Roland Mae Tanglao
Comments

Food and beverage kiosk operator Fruitas Holdings Inc. is finally pushing through with its planned initial public offering (IPO) with a filing at the Securities and Exchange Commission (SEC) announced on Monday, September 9. 

The company said it is planning to offer up to 533,660,000 primary common shares with an over-allotment option of up to 68,340,000 outstanding common shares at a maximum price of P1.99 each. Gross primary proceeds can reach a maximum of P1.06 billion and the total IPO could reach P1.2 billion.

The shares offered to the public could reach 28.2 percent of the company’s total shares.

Subject to regulatory approvals, Fruitas intends to run the offer period from November 18 to 22 and targets to list before the end of the year.

“The proceeds will be used to fund our store network expansion across the Philippines and expand our commissary to serve more customers,” Fruitas President and CEO Lester Yu said. “New capital will also be used towards acquisition of foodservice businesses and introduction of new concepts which have a strategic fit with our operations.

“We view the potential listing on the Philippine Stock Exchange as part of our growth journey and are excited to have taken the first step by filing our registration statement,” he added.

Founded in 2002, the Fruitas network currently has more than 949 stores as of June 30, 2019. The company reported P1.58 billion in consolidated revenues in 2018, a 37 percent increase from its P1.15 billion revenues in 2017.

Fruitas currently has over 20 brands in its portfolio, including Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon, Black Pearl, and food parks like Uno Cinquenta in Maginhawa and Le Village The Lifestyle Park in E. Rodriguez Sr. both in Quezon City. Fruitas also acquired Negril Trading, the company housing De Original Jamaican Pattie Shop and Juice Bar, in 2015 and the assets of Sabroso Lechon in 2018.

BDO Capital & Investment Corp. and First Metro Investment Corporation have been appointed as joint issue managers, joint bookrunners and joint lead underwriters for the offering.

The Fruitas IPO follows recent announcements from other companies intending to go public, including tech company Cal-Comp Tech, and conglomerate Metro Pacific Investment Corp's hospital unit Metro Pacific Hospital Holdings Inc

Comments
View More Articles About:
Recommended Videos
About The Author
Paul John Caña
Associate Editor, Esquire Philippines
View Other Articles From PJ
Comments
Latest Feed
 
Share
Ten years ago, outsiders made their influence critical in fashion. And then Instagram happened, bringing with it a proliferation of stylish digital creatures. Influencers now rule social media, but the ethically challenged among them are doing it in dubious ways.
 
Share
Check out what went down at the inaugural Alex Blake Charlie Sessions in Singapore.
 
Share
The little trashcan droid has been in all nine movies. His biggest moment is yet to come.
 
Share
The new cast member is already channeling Agent Smith.
 
Share
The best and the not-so-best trends that filled our stomachs and emptied our wallets.
 
Share
Thanks to these men, Philippine textbooks saw its greatest plot twists.
 
Share
These tried-and-tested spots have it all.
 
Share
There's a remarkable amount of work that goes into it.
 
Share
It just keeps getting better and better.
 
Share
We’d all die for Bono, but we won’t sit through Philippine traffic for him.
Load More Articles
Connect With Us