Fruitas says P1.2-b IPO to push through on Nov.
“The market is strong and we believe in the growth story of our company,” Chua said.
Cal-Comp Technology (Philippines) Inc. early this week postponed its planned P10.67-billion IPO due to a weak market response and volatile conditions.
The next IPO wave
“After careful consideration, including extensive discussions with the underwriters, the company has decided not to pursue the Offering at this time.
The company believes that the initial valuations indicated by the market does not fully reflect the company’s strong performance and growth prospects,” Cal-Comp said.
“Furthermore, due to volatile market conditions, the company has decided that it will be in its best interest to defer its Offering and re-evaluate its listing plans. In the meantime, the company will continue to focus on the growth of its business in the Philippines and ensure that its targets continue to be met,” it added.
Aramco may begin planned IPO on 3 Nov
Sta. Lucia Land Inc.
in October also deferred an P8.4-billion share sale due to volatile market conditions. “The decision to defer the follow-on offering is primarily due to current market conditions which has been recently volatile,” SLI said.
Fruitas will offer up to 533.660 million in primary shares with an over-allotment option of up to 68.340 million in secondary shares at a maximum price of P1.99 each. Fruitas will announce the final offering IPO price on Nov.
7 Upcoming IPOs to watch in 2020
14. It scheduled the offering period from November 18 to November 22. It tapped BDO Capital & Investment Corp. and First Metro Investments Corp. as joint underwriters of the offering.
Upwork: Down 17.9%
BDO Capital president Eduardo Francisco said Fruitas’ maiden share offering could probably the last IPO this year. He said the market could easily absorb the shares, noting that the proceeds would only amount to P1.2 billion based on the maximum price.
Fruitas, which will use the ticker FRUIT, plans to use the proceeds to fund store network expansion and improvement, acquisitions, new concept introductions and debt repayment.
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, John Lemon and Black Pearl.
Topics: Fruitas Holdings Inc., initial public offering, IPO
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard.
Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net.
While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
posted November 08, 2019 at 08:30 pm by Jenniffer B. Austria