SEC preclears Del Monte Philippines’ ₱44.07 billion IPO

The Securities and Exchange Commission (SEC) said on Friday that it has precleared Del Monte Philippines’ proposed initial public offering (IPO) of up to ₱44.07 billion.

According to the SEC, the registration statement covers 699,330,000 secondary common shares for public offering at up to ₱54.80 per share, and up to 104,899,500 secondary common shares for the overallotment option.

“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,” said the SEC.

Proceeds from the IPO could reach ₱38.32 billion at the maximum offer prices and an additional ₱5.75 billion, assuming that the overallotment option is fully exercised.

Del Monte Pacific Limited, its parent company, has stated it will “eventually receive and use” part of the net proceeds.

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

The IPO is set to be the country’s second-largest to date, next to that of Monde Nissin, maker of Lucky Me! Instant Noodles.

SOURCE: ABS-CBN