SEC clears Balai ni Fruitas ₱309-M maiden offering

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Metro Manila (CNN Philippines, May 25) — The Securities and Exchange Commission announced Wednesday its approval of Balai ni Fruitas' initial public offering, which hopes to raise up to ₱309.38 million.

The company's IPO involves 325 million primary common shares, 50 million secondary common shares held by parent firm Fruitas Holdings, and an overallotment option of 37.5 million common shares priced ₱0.75 apiece.

"Net proceeds from the sale of the primary shares is expected to amount to about P220.4 million, which the company will use for store network expansion, commissary setup, and introduction of new concepts and potential acquisitions," said the SEC.

The IPO is slated to run from June 17 to 21. Shares will be listed in the Small, Medium, and Emerging Board of the Philippine Stock Exchange Inc. (PSEi).

Balai ni Fruitas' PSE listing is scheduled on June 29.

First Metro Investment Corp. has been tapped as issue manager, bookrunner, and underwriter for the offering.