Balai ni Fruitas Inc. has priced its initial public offering (IPO) at P0.70 per share, lower than the maximum indicative price it set in its prospectus of P0.75 per share.
This will gross for the company P288.75 million.
The unit of listed Fruitas Inc. is looking to sell 412.5 million common shares, including 87.5 million secondary shares held by selling shareholder Fruitas Holdings Inc. Of the shares for sale, 37.5 million covers the greenshoe option.
The company said it will use the proceeds for store network expansion, commissary setup, and introduction of new concepts and potential acquisitions.
The IPO will run between June 17 to 21, 2022. Listing on the Philippine Stock Exchange (PSE) is scheduled for June 29.
The shares will be listed on the small, medium and emerging board of the PSE.
First Metro Investment Corp. will serve as issue manager, bookrunner and underwriter. – Ruelle Castro
