MANILA - The Securities and Exchange Commission on Wednesday said it has cleared the initial public offering (IPO) of Balai ni Fruitas Inc for up to P309.38 milion.
"In its May 24 meeting, the Commission En Banc resolved to render effective the registration statement of Balai ni Fruitas covering up to 1,495,005,000 common shares, subject to the company’s compliance with certain remaining requirements," the SEC said in a statement,
Balai ni Fruitas will offer up to 325 million primary common shares at P0.75 each as well as 50 million secondary common shares currently held by selling shareholder Fruitas Holdings Inc and an overallotment option of up to 37.5 million common shares, the SEC said.
The shares will be listed on the Small, Medium and Emerging Board of the Philippine Stock Exchange, it said.
Net proceeds from the sale of primary shares are expected to reach P220.4 million which is allotted for network expansion, commissary setup, new concepts, and potential acquisitions, the SEC said based on the filing.
WIth the oversubscription option fully exercised, the selling shareholder can net up to P65.6 million from the share of secondary sale, it added.
Balai ni Fruitas is a subsidiary of beverage kiosk operator Fruitas Holdings.