Businessman Lester Yu-led Fruitas Holdings Inc. is seeking to raise P1.2 billion from an initial public offering slated in November.
In a registration statement filed with the Securities and Exchange commission, Fruitas said the offer involves up to 533.6 million primary shares with an overallotment option of up to 68.34 million shares at a maximum price of P1.99 each.
Proceeds from the IPO will be used to fund the expansion of the group’s store network and commissary and foodpark business.
The company is also setting aside funds for acquisitions, the introduction of new concepts and for debt repayment.
The offer period is targeted on Nov.18 to 22 while the listing of the shares is slated before the end of the year.
BDO Capital & Investment Corp. and First Metro Investment Corp. have been tapped as joint issue managers, joint bookrunners and joint lead underwriters for the offering.
“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.” Said Fruitas President and CEO Lester Yu.
Over the past years, the group has aggressively expanded from more than 400 stores as of the end of 2016 to 949 as of June 30 this year. It registered a 37% jump in revenue to P1.58 billion last year, driven by higher sales.
Fruitas has over 20 brands in its portfolio, including household names like Fruitas Fresh From Babot’s Farm, Buko Loco, Juice Avenue, Buko Ni Fruitas, Johnn Lemon, Black Pearl, and food parks like Uno Cinquenta in Maginhawa and Le Village The Lifestyle Park in E. Rodriguez Sr. both situated in Quezon City.
Fruitas also acquired Negril Trading, the company housing De Original Jamaican Pattie Shop and Juice Bar in 2015 and the assets of Sabroso Lechon in 2018.