Fruitas Holdings Inc. said it plans to raise P1.2 billion through an initial public offering.
The company is offering up to 533.66 million primary common shares and an overallotment option of up to 68.34 million common shares, at an offer price of up to P1.99 each.
“Post-offer, public float can reach up to 28.2 percent of the company’s total issued shares,” Fruitas said.
BDO Capital & Investment Corp. and First Metro Investment Corp. were appointed as joint issue managers, bookrunners and lead underwriters for the offering.
“The proceeds will be used to fund our store network expansion across the Philippines and expand our commissary to serve more customers. New capital will also be used towards acquisition of foodservice businesses and introduction of new concepts which have a strategic fit with our operations,” said Lester Yu, Fruitas president.
“We view the potential listing on the Philippine Stock Exchange as part of our growth journey and are excited to have taken the first step by filing our registration statement,” added Yu.
Fruitas said it hopes to get regulatory approval in time for an offer between November 18-22 and list before the end of the year.