Balai ni Fruitas cuts price of initial public offering
Balai ni Fruitas Inc., a company engaged in fruit-based beverages and desserts and baked goods, has reduced the price of its initial public offering (IPO) to P0.70 per share.
The said price is slightly lower than its indicative price of P0.75 per share.
The company will still sell 325 million primary common shares, 50 million in secondary common shares to be offered by parent firm Fruitas Holdings Inc. and 37.5 million in over-allotment option. The company will raise some P288.75 million from the offer.
The company will list on the small, medium and emerging (SME) board of the Philippine Stock Exchange under the trading symbol BALAI.
“We are on track to have the most number of SME Board listings in a year with the IPO of Balai ni Fruitas. The company’s debut will also expand the mix of SME firms listed as Balai is the first food and beverage business to list on this board,” PSE President and CEO Ramon S. Monzon said earlier.
Net proceeds from the sale of the primary shares offering will be used for store network expansion, commissary setup and introduction of new concepts and potential acquisitions.
The PSE and the Securities and Exchange Commission approved last month the planned IPO of the company.
Balai is a wholly owned subsidiary of listed food and beverage kiosk operator Fruitas Holdings. The company offers coconut-based beverages and desserts across three brands, Buko ni Fruitas, Fruitas House of Desserts and Balai Pandesal.
Image credits: www.balainifruitas.com