SEC CLEARS BALAI NI FRUITAS’ P 309-M IPO

The Securities and Exchange Commission (SEC) has given the greenlight for Balai Ni Fruitas Inc.’s P309 million initial public offering (IPO).

Balai Ni Fruitas, owned by businessman Lester Yu’s Fruitas Holdings, is raising funds mainly to expand bakery arm, Balai Pandesal.

The SEC approved its registration statement covering up to 1.49 billion shares.

Balai Ni Fruitas will sell 325 million primary common shares for up to P0.75 per share to raise P243.75 million.

Fruitas Holdings will sell another 50 million shares (P37.5 million) alongside an option to sell 37.5 million shares (P28.1 million).

Net process would be used for “store network expansion, commissary setup, and introduction of new concepts and potential acquisitions,” the SEC noted.

First Metro Investment Corp. will act as sole underwriter, issue manager and bookrunner for the IPO.

The timetable will be finalized once the Philippine Stock Exchange (PSE) approves the share sale.

The company aims to sell shares from June 17 to 21 while its PSE trading debut is targeted by June 29.

North Star’s P4.5-B offering

Businessman Anthony Mark Ng’s North Star Meat Merchants Inc. is also moving forward with its P4.5-billion IPO after receiving the SEC’s go-signal.

It plans to sell 360 million primary shares for up to P10 each to raise P3.6 billion.

Shareholder Golden MJTF Holdings Inc. is selling an additional P900 million worth of shares, comprising 32 million secondary shares and an overallotment option of 58 million shares for price stabilization.

Proceeds from the primary share offer will boost capacity at its main integrated plant in Bulacan and build new facilities in Palawan, Bicol, Iloilo, Bohol and Ilocos.

The offer will run from May 30 to June 3 while target listing date is June 10.

BDO Capital and Investment Corp. and China Bank Capital Corp. are joint lead underwriters and joint bookrunners, while PNB Capital Investment Corp. and SB Capital Corp. are co-lead underwriters.