The Philippine Stock Exchange has approved an initial public offering of up to P1.2 billion by leading food and beverage kiosk operator Fruitas Holdings Inc. this November.

Fruitas will offer up to 533.66 million firm shares with an over-allotment option of up to 68.34 million shares at a maximum price of P1.99 each.

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The IPO pricing will be finalized on Nov. 14 while the offer period will run from Nov. 18 to 22 this year, Fruitas said in a press statement on Thursday, Oct. 24.

Shares of Fruitas will list on the main board of the Philippine Stock Exchange on Nov. 29 under the ticker “FRUIT.”

The company intends to use IPO proceeds for store network expansion and improvement, acquisitions, new concept introductions, and debt repayment.

Fruitas currently has over 20 brands in its portfolio./TSB

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