Fruitas Holdings raises $19.8m in IPO
Since it opened as a single kiosk stand in 2002, it now has over a thousand stores under its 20 brand portfolio.
Philippine food and beverage kiosk operator Fruitas Holdings Inc. raised PHP 1.01bn (US$ 19.8m) in its recent debut in the Philippine stock market.
According to the Philippine Stock Exchange, the newly-listed company was oversubscribed three times with a PHP 1.68 (USD 0.03) per share offering price.
“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 in a press statement.
The company had offered 533 million in primary common shares with an over-allotment option of up to 68.3 million outstanding common shares. It has a market capitalisation of PHP 3.6bn (US$ 70.6m).
The kiosk operator eyed to launch 250 stores annually for the next three years, whilst acquiring value-adding foodservice businesses, introducing new concepts, and diversifying its distribution channels.
Nearly two decades since it first opened as a single kiosk stand in a mall in Manila, Fruitas now has more than a thousand stores under its 20 brand portfolio. It has four business segments: fruit shakes, coconut beverages, pastries and lemonade.
