By: Arra B. Francia, Business World
Fruitas Holdings, Inc. is unfazed by the number of companies going public at the same time as its initial public offering (IPO), confident that Filipino consumers’ familiarity with its products will translate into IPO success.
Officials of the operator of beverage kiosks such as Buko ni Fruitas, Johnn Lemon, and Black Pearl said the list of IPO hopefuls this year only illustrates the vibrancy of the stock market.
Fruitas looks to raise up to P1.2 billion from the issuance of up to 602 million shares at up to P1.99 each. The fresh capital will be used to finance its store expansion over the next two to three years.
The company plans to put up 150 to 250 stores annually until 2022, in addition to its current network of 949 stores in the country. They will also add two food parks in Metro Manila and in Luzon, to complement their two existing food parks in Quezon City.
Aside from building more stores, Mr. Yu said they are also ramping up their institutional business. For instance, its roasted pig brand Sabroso Lechon already serves some hotels, while at least 50 Andoks stores and supermarkets now carry their buko juice and calamansi juice brands.
Fruitas also wants to strengthen its delivery business and part of the plans for the IPO is to get up to 80 vehicles for its logistics network, in addition to at least 40 trucks they currently have.
Read the full article HERE.