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Philippine Tech Retailer Upson Files for Up to $103M IPO
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Del Monte Philippines $874 Million IPO Gets The Nod From Securities Regulator
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Del Monte Philippines files IPO
Company could raise as much as US$790m after deferring the move in 2018
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Del Monte Philippines, a subsidiary of Del Monte Pacific, has filed an IPO with the Philippine Securities and Exchange Commission with the aim of raising up to P38.3bn (US$790m).
Del Monte Pacific and SEA Diner Holdings - Del Monte Philippines’ major shareholders - plan to sell 699.3m shares at a maximum price of P54.80.
Del Monte Philippines had previously considered an IPO in 2018 but deferred due to adverse market conditions. It is set to use the funds raised in the IPO to pay debt and redeem preferred shares.
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.
Del Monte Philippines Revives IPO Plans With $790 Million Share Sale
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