Shares of food and beverage kiosk operator Balai ni Fruitas Inc. failed to fly on its first day of trading on the Philippine Stock Exchange on Thursday due to market jitters.The benchmark PSE index fell 147.76 points to close at 6,155.43 points on Thursday.
“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,” Monzon said.
“The brand familiarity and affinity certainly earned the confidence of local small investors based in 30 provinces and countries like Japan, Morocco, Singapore, and the UAE [United Arab Emirates] who subscribed to Balai’s IPO,” Monzon said.