MANILA, Philippines — The Securities and Exchange Commission (SEC) has given the green light to the initial public offering (IPO) of Del Monte Philippines Inc. (DMPI), which could raise as much as P44.07 billion.
DMPI is targeting to list on Aug. 23 after an offer period which will run from Aug. 9 to 13.
According to DMPI’s registration statement, the company will offer 699.3 million secondary common shares for public offering priced up to P54.80 per share, plus up to 104.9 million secondary common shares for the over-allotment option. The shares to be offered are currently held by Central American Resources Inc. and SEA Diner Holdings Pte Ltd.
Gross proceeds, to be used for general corporate purposes, could amount to P38.32 billion at the maximum offer price. Assuming that the over-allotment option is fully exercised, the offer can raise an additional P5.75 billion.
The company’s parent, Del Monte Pacific Ltd. will eventually receive and use a part of the net proceeds for the repayment of loan facilities, redemption of certain preferred shares and general corporate purposes.
DMPI tapped Morgan Stanley Asia (Singapore) Pte. and Credit Suisse (Singapore) Ltd. will serve as joint global coordinators and bookrunners for the offer, while CLSA Ltd., DBS Bank Ltd. and Jefferies Singapore Ltd. will act as joint international bookrunners.
The company engaged BDO Capital & Investment Corp. and BPI Capital Corp. as joint local lead underwriters and bookrunners. First Metro Investment Corp. has also been tapped as local co-lead underwriter.
DMPI is a food manufacturer operating four main product segments, namely convenience cooking and dessert, healthy beverages and snacks, premium fresh fruit, and packaged fruit and beverages- export.
Its Del Monte brand offers a line of ketchup, tomato sauce and paste, pasta, spaghetti sauce, and packaged pineapple products, among others.
