Fruitas Holdings Inc. (FHI), the company behind the lucrative chain of fresh juice stalls usually found in shopping malls, is planning to list at the Philippine Stock Exchange (PSE) possibly this year, according to a report in the Philippine Star newspaper on Feb. 5.
FHI is looking to raise Php2 billion in its initial public offering (IPO). The raised funds will be used for network expansion, equipment upgrade and future acquisitions, FHI founder and CEO Lester Yu told the Star.
“The IPO, it’s something we intend to do within the year. The time is ripe,” the Philippine Star quoted Yu.
Yu founded FHI in 2002 with only just the Fruitas brand. Today, the company has 20 brands under its portfolio and over 850 store branches.
Yu graduated with a bachelor’s degree from De La Salle University and a master’s degree from the University of the Philippines. He started his career in the banking industry shortly after graduating, but his path eventually moved towards entrepreneurship.
FHI’s brands include Fruitas, Buko ni Fruitas, Black Pearl, Fruitas Ice Candy, Buko Loco, De Original Jamaican Pattie Shop, Friends Fries, The Mango Farm, Tea-Rex, Fruitas House of Desserts, Fancie, Juice Avenue, Jammin’ Jamaica, Johnn Lemon, Shou Hand-Pulled Noodles, Cellar 150, 7,107 Halo Halo Islands and Whippie. He also operates two food parks, 150 Maginhawa Food Park and Le Village Lifestyle Park, which are both located in Quezon City.
Last October, Yu received the Emerging Entrepreneur award from Ernst and Young, in partnership with its local partner SGV & Co., the biggest accounting firm in the country.
Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg