MANILA — Balai ni Fruitas said it has set a final offer price for its proposed initial public offering, which is slightly lower than its initial price.
The final offer price is P0.70 per offer share, down from the initial P0.75, it said in a notice to the stock exchange.
With the new offer price, the total proceeds will also be lower, initially pegged at P309 million.
Balai's IPO involves 325 million primary common shares and 50 million secondary shares.
The company, which operates Balai Pandesal Corp, earlier said net proceeds from the fundraising activity would be used for its store network expansion, commissary setup, and future acquisitions.
Balai ni Fruitas is a subsidiary of beverage kiosk operator Fruitas Holdings.