Capital

Fruitas Unit Balai ni Fruitas Gets SEC Nod for IPO

A fruity public listing.
IMAGE FRUITAS

Balai ni Fruitas, a unit of listed Fruitas Holdings Inc., has gotten the approval of the Securities and Exchange Commission for the initial public offering (IPO) of 1.495 million common shares worth up to P309.38 million. 

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, which is currently held by selling shareholder Fruitas Holdings, Inc., plus an overallotment option of up to 37.5 million common shares. 

Balai ni Fruitas is expected to net P220.4 million, which it says it would use for store network expansion, commissary setup, and introduction of new concepts and potential acquisitions.

Assuming the oversubscription option is fully exercised, the selling shareholder can net up to P65.6 million from the sale of the secondary shares.

Formerly known as Buko ni Fruitas, Balai Ni Fruitas Inc. is a wholly owned subsidiary of FHI. It started operations started on August 2005 when it opened its first Buko Ni Fruitas kiosk in Robinsons Manila, serving fresh coconut-based beverages and desserts.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, namely Buko ni Fruitas, Fruitas House of Desserts, and Balai Pandesal.

Balai ni Fruitas’s IPO follows the one of parent company Fruitas Holdings in 2019.

As of September 30, 2021, Balai ni Fruitas has a total of 69 stores across the Philippines, operating in three store formats: community store, kiosk, and inline store. The company currently has 37 BNF, 9 FHOD, and 23 BP stores, 91 percent (or 63 stores) of which are company-owned stores.

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The IPO will run from June 17 to 21, with listing on the PSE scheduled for June 29, according to the latest timetable submitted to the SEC.

Balai ni Fruitas engaged First Metro Investment Corporation as issue manager, bookrunner, and underwriter for the offer.

 

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Paul John Caña
Associate Editor, Esquire Philippines
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