Balai ni Fruitas Debuts Weakly

Promotions of food and drink kiosk operator Balai ni Fruitas Inc. failed to take off on the first day of trading on the Philippine Stock Exchange (PSE) on Thursday due to market volatility.

Balai’s share price lost 5 centavos to close at 0.65 pesos, compared to an offer price of 0.70 pesos.

The core PSE fell 147.76 points to close at 6,155.43 on Thursday.

In his welcome speech, PSE President and CEO Ramon S. Monzon said that Balai’s Initial Public Offering (IPO) is both “significant and symbolic” as it is the third listing on the Small, Medium and Emerging (SME) Stock Exchange Board of Directors. ) this year. year .

Balai’s listing is significant as it expands the list of companies listed on the SME Council. It will be the first food and beverage company to join the SME Council. Balai’s listing is also symbolic as it proves that the exchange can be made available to SMEs to meet their capital raising requirements,” Monzon said.

Balai has raised 289 million pesos of capital, most of which will be used to expand its store chain as the company plans to add 120 new floors in Metro Manila and other metropolitan areas across the country by 2024. A portion of the funds will also be used to set up the store and for potential acquisitions.

“The familiarity and proximity of the brand has certainly won the trust of local small investors from 30 provinces and countries such as Japan, Morocco, Singapore and the UAE. [United Arab Emirates] who signed up for Balai’s IPO,” Monzon said.

“I would like to remind entrepreneurs that PSE has a Listing and Raising Assistance Program, or LEAP. Through LEAP, the exchange is offering a free support program to help companies, especially SMEs, navigate the ins and outs of equity financing and help them navigate a carefully planned and prepared IPO.”

Balai is a subsidiary of registered food and beverage kiosk operator Fruitas Holdings. The company offers coconut-based drinks and desserts under three brands: Buko ni Fruitas, Fruitas House of Desserts and Balai Pandesal.