Balai Ni Fruitas, which operates a chain of bakeries and juice shops, is planning a P309.38-million initial public offering (IPO) next month to fund its expansion plans and for potential acquisitions.
“The Company intends to use the net proceeds from the Offer for the store network expansion, commissary set-up and potential acquisition opportunities of the Company,” Balai said.
Majority or 81.8% of its proceeds worth P180.4 million will be used for its store network expansion. The company aims to open 120 new owned stores in Metro Manila and “selected urban areas” across the country until the end of next year.
The company owns bakery chain Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts. Buko ni Fruitas offers fresh coconut drinks, while Fruitas House of Dessert serves fruit shakes and desserts.
“Vast majority of the stores to be opened from 2022-2023 are anticipated to carry the Balai Pandesal brand. Moreover, the Company also expects to expand the footprint of its other existing brands and future acquisitions which will depend on, among others, market opportunities and commercial considerations,” Balai said.
In a statement in , Fruitas Holdings President and Chief Executive Officer Lester C. Yu said it decided to take Balai public due to the “significant growth prospects of the bakery sector.”
