Fruitas pegs IPO price at P1.68 ea.

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    Fruitas Holdings Inc. is pricing its initial public offering (IPO) a tP1.68 per common share, a 15.57 percent discount to the maximum indicative price of P1.99 per share it earlier announced.

    “The company agreed to price the issue at P1.68 per share in order to ensure a healthy performance of the stock upon listing,” said Eduardo Francisco, president of BDO Capital & Investment Corp.

    “Given the attractive pricing, we look forward to more participation from the general investing public investors,” said Daniel Camacho, executive vice president of First Metro Investment Corp..

    BDO Capital and First Metro are acting as joint issue managers, lead underwriters and bookrunners.

    FHI is offering 533,660,000 primary common shares with an over-allotment option of up to 68,340,000 outstanding common shares for the IPO. The offer shares account for up to 28.2 percent of the company’s total issued shares.

    The offer period is scheduled from November 18 to November 22 in time for the listing and the commencement of the trading of the company’s shares on the Main Board of the Philippine Stock Exchange under the ticker symbol “Fruit” on November 29.

    The company said it intends to use the proceeds from the IPO to fund its store network expansion and improvement, acquisitions, new concept introductions and debt repayment.