Balai Ni Fruitas Inc. (trading symbol: BALAI) celebrated its stock market debut as the latest addition to The Philippine Stock Exchange, Inc.’s (PSE) Small, Medium and Emerging (SME) Board through a bell ringing ceremony held on Thursday, June 30. BALAI listed 1.49 billion primary and secondary shares.
In his welcome remarks, PSE President and CEO Ramon S. Monzon cited BALAI’s IPO, which is the third listing on the Exchange’s SME Board this year, as significant and symbolic. ”BALAI’s listing is significant because it broadens the mix of companies listed on the SME Board. It will be the first food and beverage company to join the SME Board. BALAI’s listing is also symbolic because it proves that the Exchange can be accessible to SMEs for their capital raising requirements. After all, SMEs are the main drivers of the country’s economic growth. SMEs contribute 63 percent to total employment and 40 percent to our country’s GDP. In fact, the recovery of the global economy and the Philippine economy from the debilitating effects of the pandemic depends to a great extent on the ability of the SMEs to reopen and get back to business as usual.”
The company will use proceeds from its primary offering for store network expansion as BALAI eyes the addition of 120 new stores by 2024 in the National Capital Region and other urban areas all over the country. The remainder of the proceeds will be used to set up a commissary and for potential acquisitions.
BALAI has three active brands namely, Buko ni Fruitas, Balai Pandesal, and Fruitas House of Desserts.