Del Monte Philippines revives IPO plans with $790M share sale
April 30 , 2021
Del Monte Philippines, known for its pineapple-based products and sauces, is seeking to raise up to 38.3 billion pesos ($790 million) in its initial public offering, Forbes reports.
The company’s major shareholders Del Monte Pacific and SEA Diner Holdings plan to sell 699.3 million shares at a maximum price of 54.80 pesos, according to a filing to the Securities and Exchange Commission. The IPO comes with an over-allotment option of 104.9 million shares.
The Del Monte Philippines IPO comes three years after the company deferred plans for its maiden share sale in 2018, citing adverse market conditions. While the benchmark Philippine stock index has climbed 15% in the past year, rising Covid-19 infections have triggered a selloff in recent weeks.
No details on the IPO size revealed yet
The Philippines unit of fruit products manufacturer Del Monte Pacific is revisiting an IPO postponed in 2018 due to a decline in the local stock market.
The subsidiary, Del Monte Philippines, has registered an application with the Philippines Securities and Exchange Commission for a proposed public share offering. The timing of the offer, final offer price, final number of offer shares, and allocation of the proceeds will depend on, among other things, market conditions, the circumstances surrounding the offer, and will be subject to securing the necessary regulatory approvals, it said in a filing.
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