The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) by Balai ni Fruitas Inc., a spinoff company of food and beverage kiosk operator Fruitas Holdings Inc.
The company is targeting to raise as much as P309.38 million from the share sale.
In its May 24 en banc meeting, the agency also approved the company’s registration statement covering up to 1.49 billion common shares.
Balai ni Fruitas will offer to the public up to 325 million primary common shares priced at up to 75 centavos each. The offer will also include up to 50 million secondary common shares currently held by selling shareholder Fruitas Holdings, plus an overallotment option of up to 37.5 million common shares.
The shares will be listed on the Small, Medium, and Emerging Board of the Philippine Stock Exchange Inc. (PSE).
Net proceeds from the sale of the primary shares of about P220.4 million, will be used for store network expansion, commissary setup and introduction of new concepts and potential acquisitions.
Meanwhile, assuming the oversubscription option is fully exercised, the selling shareholder can net up to P65.6 million from the sale of the secondary shares.
The IPO will run from June 17 to 21, with listing on the PSE scheduled for June 29, according to the timetable the company submitted to the SEC.
Balai ni Fruitas is a wholly owned subsidiary of listed food and beverage kiosk operator Fruitas Holdings. The company offers coconut-based beverages and desserts across three brands, Buko ni Fruitas, Fruitas House of Desserts and Balai Pandesal.