The Securities and Exchange Commission (SEC) shas approved the P309.38-million initial public offering of Balai ni Fruitas Inc.
The unit of listed Fruitas Inc. is looking to sell 412.5 million common shares, including a 87.5 million secondary shares held by selling shareholder Fruitas Holdings Inc., at an offer price of up to P0.75 apiece.
The company said it will use the proceeds for store network expansion, commissary setup, and introduction of new concepts and potential acquisitions.
The IPO is eyed between June 17 and 21 with listing on the PSE scheduled June 29. The shares will be listed on the Small, Medium, and Emerging Board of the Philippine Stock Exchange Inc.
First Metro Investment Corp. will serve as issue manager, bookrunner, and underwriter.
