PSE approves Balai’s IPO application
Balai ni Frutas, Inc., a company engaged in fruit-based beverages and desserts and freshly baked goods, secured its initial public offering (IPO) pass after The Philippine Stock Exchange, Inc. (PSE) approved the company’s listing application.
The company will list on the Small, Medium and Emerging (SME) Board of the PSE under the trading symbol BALAI.
Its shares will be sold at a price of up to P0.75 apiece from June 17 to 23. The company will be offering up to 325 million primary shares and 50 million secondary shares with up to 37.50 million over-allotment option shares. The final offer price will be determined on June 14, 2022 after the company conducts its book building exercise.
“We are on track to have the most number of SME Board listings in a year with the IPO of Balai ni Fruitas. The company’s debut will also expand the mix of SME firms listed as Balai is the first food and beverage business to list on this Board,” said PSE President and CEO Ramon Monzon.
Proceeds from the IPO will be used by the company for store network expansion, commissary set-up and potential acquisition opportunities. PSE
