Soon to be listed Fruitas Holdings Inc. has brought its store network to 1,036 as of this month, with new kiosks recently opened in Metro Manila and key provinces like Cavite, Laguna, Rizal, Bulacan, Tarlac, Zambales, Cebu, Iloilo, Aklan, Davao and Cagayan De Oro.
Fruitas also relaunched Coffee Talk, a coffee and tea kiosk concept.
Fruitas recently started to sell some of its bottled fruit juices on open refrigerator shelves inside the supermarkets of Landmark.
Last year, Fruitas ended with 930 stores nationwide.
Fruitas will debut Friday in the Philippine Stock Exchange under the ticker “FRUIT”.
The company said its P1.01-billion initial public offering (IPO) was well-received by retail and institutional investors “resulting in an oversubscription of the offering.”
Fruitas offered to the public 533.66 million primary common shares with an over-allotment of up to 68.34 million common shares. The offer shares account for up to 28.2 percent of the company’s total issued shares.
Proceeds from the IPO will finance the company’s store network expansion and the improvement of existing stores. Raised funds will also pave the way for the introduction of new concepts and in the acquisition of future brands, commissary expansion and debt repayment.
“We are happy with the results of the offering of Fruitas. The broker tranche was more than 2.5 times oversubscribed, while the local small investor tranche was a record amount for a Philippine IPO. The exceptional performance and positive response from the market prove that the public believes in Fruitas’ strong fundamentals and aggressive expansion plans in the country,” said Daniel Camacho, FMIC executive vice president.