MANILA - The Securities and Exchange Commission said Friday it has precleared the Del Monte Philippines' proposed initial public offering of as much as P44.07 billion.

The registration statement covers 699,330,000 secondary common shares for public offering priced up to P54.80 per share, as well as up to 104,899,500 secondary common shares for the overallotment option, the SEC said in a statement.

"In its July 15 meeting, the Commission En Banc resolved to render effective the registration statement of DMPI covering 2,797,320,004 common shares to be listed and traded on the Main Board of the PSE, subject to the company’s compliance with certain remaining requirements," the SEC said.

The SEC said proceeds from the IPO could reach P38.32 billion at the maximum offer prices with an additional P5.75 billion assuming that the overallotment option is fully exercised.

Del Monte Pacific Limited, the company's parent, will "eventually receive and use" part of the net proceeds, the SEC said.

Del Monte Philippines planned to conduct the IPO from Aug. 9 to 13 before its debut on the Philippine Stock Exchange on Aug. 23.

The manufacturer and distributor of various products such as canned pineapples is seeking an IPO that could be the country's second-largest next to Lucky Me! Instant Noodles maker Monde Nissin.

• Del Monte PH says P44-billion IPO 'all set to go' pending regulator nod
• Del Monte Philippines seeks approval of initial public offering: SEC

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-- with reports from Michelle Ong and Warren De Guzman, ABS-CBN News