Fruitas Holdings, Inc.’s wholly owned subsidiary, Balai ni Fruitas, Inc. is looking at Pesos 309 million (US$6 million) IPO for the subsidiary’s store network expansion, commissary setup, and for future acquisitions.
Fruitas decided to undertake an IPO for Balai ni Fruitas given ‘the significant growth prospects of the bakery sector, distinct from the kiosks within Fruitas Holdings’.
Balai ni Fruitas currently has 3 brands under its belt, namely Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts. Presently, there are 46 Buko ni Fruitas and Fruitas House of Desserts stores. Both brands sell fruit-based desserts in malls and commercial centers. In June 2021, Balai ni Fruitas acquired some of Balai Pandesal Corp.’s assets and has since increased Balai Pandesal outlets to 23 stores. Balai Pandesal sells baked goods via community stores in neighborhoods and central business districts.
Balai ni Fruitas is planning to grow the number of Balai Pandesal outlets to 100 stores across the country by the end of 2022.