MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) application of Century Pacific Food Inc., which makes Century Tuna and Argentina Corned Beef.
The company expects to raise up to P3.3 billion in gross proceeds from its IPO, which will be used for expansion projects, potential acquisitions, retirement of debt and working capital.
Century Pacific's shares could be priced up to P14.50 per share.
"Over the last 35 years, Century Pacific has established a strong brand and product portfolio through, and supported by, continuous product innovation, brand building and acquisition of brands from third parties," the company said.
With its portfolio of brands such as 555 Sardines, Swift, and Birch Tree, Century Pacific believes it is well-positioned to benefit from the rising middle-class and anticipated growth in consumer spending.
Evercore Asia Limited is the company's adviser. The offer is being underwritten jointly by BDO Capital, BPI Capital and First Metro Investment Corporation.
The offer period to the public will be from April 23 to 29, while the listing of the shares with the Philippine Stock Exchange is expected to be on May 6.