Food and beverage kiosk operator Fruitas Holdings Inc today begins a new journey as a listed company with the traditional bell-ringing ceremony at the Philippine Stock Exchange, with the ticker symbol FRUIT.
The company offered 533,660,000 primary common shares with an over-allotment option of up to 68,340,000 outstanding common shares at P1.68 per share.
The primary proceeds will fund Fruitas’ store network expansion and improvement, acquisitions and new concept introductions, commissary expansion and debt repayment.
Fruitas Holdings Inc. President and CEO Lester Yu rang the PSE bell that signaled the start of the day’s trading. With him were Fruitas Holdings’ Chairman Rogelio Guadalquiver and Chief Financial Adviser Calvin Chua, BDO Capital and Investment Corporation Senior Vice President Gabriel Lim, First Metro Investment Corp. President Bong Arjonillo, PSE Chairman Jose T. Pardo and PSE President and CEO Ramon S. Monzon, among others.
The firm priced its IPO at Php1.68 per share. Upon listing, Fruitas’ market capitalization will be at Php3.6 billion.
“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 Holdings Inc. President and CEO Lester Yu said.
The Group targets to expand its store network at 150 to 250 stores annually up to 2022, acquire value- adding foodservice businesses, introduce new concepts, and diversify its distribution channels.
Also Read: Philippine Stock Exchange trims broker ownership to below 20%
Earlier this year, the company partnered with Andok’s to sell Fruitas coconut and calamansi juice across over 50 stores and has tapped the services of Grab’s food delivery services in order to bring brands like Fruitas, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Sabroso Lechon, House of Desserts, Black Pearl, and Tea Rex closer and more accessible to Filipinos.
At the same time, Fruitas Holdings Inc. has also signed a partnership with Landmark to make its bottled juice products available in its supermarkets all over Metro Manila.
The company started from a single kiosk stand in SM Manila back in 2002. After 17 years, Fruitas continues to be a frontrunner in the industry and has cemented its position as a market leader across four business segments in the kiosk industry—fruit shakes under Fruitas, coconut beverages under Buko ni Fruitas, meat-filled pastries under De Original Jamaican Pattie, and lemonade Johnn Lemon, based on a recent study by the University of Asia & Pacific.
The firm is also behind the well-loved Filipino brands such as Sabroso Lechon, Juice Avenue, Black Pearl, and lifestyle food parks like Le Village and Uno Cinquenta in Quezon City, among others.
The business has since grown to over 1,000 stores across 24 active brands nationwide.
BDO Capital & Investment Corporation and First Metro Investment Corporation served as Fruitas Holdings’ joint issue managers, lead underwriters and bookrunners for the IPO. RCBC Capital Corporation, meanwhile, acted as a participating underwriter. – © BusinessNewsAsia.com