MANILA, Philippines - D&L Industries, a manufacturer of food ingredients and specialty plastic colorants and additives, is planning to raise up to P6.3 billion through from an initial public offering at the Philippine Stock Exchange (PSE).
In a registration statement filed with the Securities and Exchange Commission (SEC), D&L said it is offering up to 1.07 billion primary shares in an international and domestic offering. This represents up to 30% of its outstanding capital.
The company said it will use the proceeds from the IPO for investments, acquisitions, payment of financial obligations and other general corporate purposes.
D&L is set to conduct the IPO before the end of the year.
Maybank ATR Kim Eng Capital Partners is the lead international and domestic underwriter, issue manager and sole bookrunner.
Established almost 50 years ago by brothers Dean and Leon Lao, D&L is the market leader in various industries.
D&L has a wholly-owned subsidiary Oleo-Fats, which manufactures a line of specialty fats and oils, culinary and other specialty food ingredients, for food manufacturers and fast food restaurants.
D&L also owns First in Colours and D&L Polymers & Colours, which offers products used in manufacturing plastic products.
D&L's consolidated revenues jumped from P9.2 billion in 2009 to P12.8 billion in 2011, while its consolidated net income grew from P226 million in 2009 to P997 million in 2011.