Del Monte Philippines seeks approval of initial public offering: SEC

ABS-CBN News

Posted at Apr 28 2021 03:56 PM | Updated as of Apr 28 2021 05:07 PM

Del Monte Philippines seeks approval of initial public offering: SEC 1
 Del Monte Philippines products.  Handout

MANILA - Del Monte Philippines Inc has filed a registration statement for its planned initial public offering, the Securities and Exchange Commission said Wednesday.

The company known for its pineapple juice products is planning to offer 699,330,000 common shares at P54.80 per share, with an overallotment option of up to 104,899,500 shares, the SEC said in a statement.

The maximum amount of gross proceeds is pegged at P38.3 billion excluding proceeds from the overallotment, Del Monte Philippines Inc said in a separate statement.

"We have built our brands on quality products that have been part of people’s lives in the Philippines, and beyond, for generations. Through delicious and nutritious food and drinks, we help to nurture healthier people and a healthier planet," Del Monte Philippines CEO Joselito Campos Jr said.

"The planned IPO of Del Monte Philippines, Inc. is a moment of pride for the Board and the DMPI management team. It represents the realization of an ambition we have set – to provide the people of the Philippines with the opportunity to share in the continued growth and success of our Asia business," he added.

Morgan Stanley Asia and Credit Suisse will act as the joint global coordinators and bookrunners while BDO Capital and Investment Corporation and BPI Capital Corporation will act as joint local lead underwriters and bookrunners, DMPI said.

Del Monte Pacific Ltd owns 87 percent of Del Monte Philippines Inc through Central American Resources Inc (CARI), while SEA Diner Holdings Pte Ltd (SEA Diner) owns the remaining 13 percent.

Del Monte distributes pineapple products, condiments, snacks and other beverages. 

The SEC earlier said more "blockbuster" IPOs are expected to debut at the Philippine Stock Exchange following the announcement of Lucky Me! instant noodles maker Monde Nissin.

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