The Securities and Exchange Commission has approved the application by leading food and beverage kiosk operator Fruitas Holdings Inc. to raise as much as P1.2 billion from a local stock market debut.
In a meeting on Thursday, the SEC en banc issued the pre-effective clearance to the initial public offering (IPO), proceeds from which will fund its store network expansion and improvement alongside new acquisitions, new retailing concepts and debt repayment.
The IPO will have a base offer of as much as 533.66 million primary common shares which will be offered at a maximum price of P1.99 each. In case of excess demand, Fruitas can upsize the offering by 68.34 million more shares.
“This will allow us to serve our products to more Filipinos, source more raw materials, employ more people and contribute to the growth of the Philippine economy,” said Fruitas founder and chief executive officer Lester Yu in a press statement late Thursday, Oct. 17.
Subject to approval by the Philippine Stock Exchange, Fruitas is targeting an offer period from November 18 to 22 in time for the company’s intended listing on November 29./TSB