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Fruitas strengthens financial position with IPO proceeds

MANILA, Philippines – Fruitas Holdings has fortified its financial position using proceeds from its IPO. Estimated net proceeds from the sale of new shares of approximately Php820m will boost its cash balances and cut its debt levels.

On a pro forma basis and based on its latest audited financial statements as of June 30, 2019, consolidated cash balance exceeded Php1bn immediately post-IPO. Even after the planned debt repayment of Php150m, pro forma cash balance of approximately Php850m will far exceed the notes payable balance, which is expected to be halved from around Php409m to just above Php200m by end of the year, using IPO proceeds and internally generated cash.

“We expect that our liabilities-to-equity ratio to improve from 1.6x as of June 30, 2019, to below 0.5x by end of the year.  In addition, our cash reserves place us in a very strong position to take advantage of the significant growth opportunities that are presented to us,” Fruitas Holdings Director and Chief Financial Adviser Calvin Chua said.

Fruitas also highlighted the growth momentum that it has generated in the past years. “While we have nearly quadrupled our store network from 260 as of end-2015 to 1,036 just before our listing, we believe there is still significant potential for expansion for both our leader and challenger brands. Our revenue growth of above 20% growth in the first half of the year is expected to be sustained until end of the year,” Chua added

Fruitas’ highly scalable business model and strong revenue growth differentiate it from other listed foodservice peers in the Philippine Stock Exchange which have only registered single-digit percentage revenue growth for the first nine months of 2019 due to various factors according to their respective interim financial statements.


Fruitas Holdings Inc. is the leading group in the food cart industry in the Philippines. Since the first Fruitas stall opened in 2002, the group now has over 900 stores all over the country and over 20 brands in its portfolio, which includes well-loved food concepts Fruitas Fresh from Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie Shop and Juice Bar, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, 7,107 Halo Halo Islands, Shou Hand Pulled Noodles, and Sabroso Lechon.

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