Share price of Balai ni Fruitas fell 7.1 percent in its debut at the Philippine Stock Exchange on Thursday as the market index sank147.76 points or 2.3 percent.
Balai’s share price opened at P0.68 and climbed to as high as P0.80 before closing at P0.65 apiece.
PSE president and chief executive Ramon Monzon welcomed the initial public offering of Balai ni Fruitas, the first food and beverage company to list in the SME board of the exchange.
“Balai’s listing is symbolic because it proves that the exchange can be accessible to small and medium enterprises for their capital raising requirements. After all SMEs are the main drivers of our country’s economic growth, contributing 60 percent to total employment and 40 percent to gross domestic product,” Monzon said.
Balai raised P289 million in capital from the sale of 325 million primary shares, 50 million secondary shares and 37.5 million over allotment shares at P0.70 each.