Philippine bakery and juice shop operator, Balai Ni Fruitas, is eyeing to list on the local stock exchange next month, aiming to raise US$6 million to fund its expansion plans.
The company plans to issue 325 million primary common shares and 50 million secondary common shares at an offer price of up to P0.75 each (US$0.015). The majority of proceeds will be used for opening new stores between now and next year, opening commissaries and potentially acquiring other bakery brands.
“The company’s current footprint is concentrated in Metro Manila, but Balai also intends to also expand in provincial areas going forward,” it said in its prospectus.
The company currently operates Fruitas House of Desserts tea chain, Buko ni Fruitas and bakery chain Balai Pandesal, which it acquired last year. As of last September, Balai Ni Fruitas has 69 stores across the country.