Manila-based food-and-beverage kiosk operator Fruitas has grown its store network to 1036.

The company, with a portfolio of banners, including Buko ni Fruitas, Juice Avenue, Black Pearl and Johnn Lemon, has added 106 new stores this year to the 930 it ended last year with. 

Fruitas recently raised 896.55 million Philippine pesos (US$17.6 million) through an IPO, which it says will be used to further expand its network, upgrade existing outlets, develop new concepts, acquire new brands and repay debts.

“We are happy with the results of the offering of Fruitas. The broker tranche was more than 2.5 times oversubscribed, while the local small investor tranche was a record amount for a Philippine IPO,” says Daniel Camacho, EVP of First Metro Investment Corporation (FMIC), the lead underwriter for the Fruitas listing.

“The exceptional performance and positive response from the market prove that the public believes in Fruitas’ strong fundamentals and aggressive expansion plans in the country,” added Camacho.

The company’s expansion plan includes opening 150 to 250 new stores per year through to 2022, as well as two new food parks by 2021.

Founded in 2002 by Lester Yu, Fruitas now has 24 brands, making it a top player in fruit shakes, lemonade, buco and meat kiosk categories.

Last year it acquired the Sabroso Lechon business.