Del Monte Defers Planned IPO as Market Remains Volatile

Given the market volatility amidst the current pandemic, especially with the incoming enhanced community quarantine (ECQ), Del Monte Philippines Inc. (DMPI) recently announced its plan to delay its initial public offering (IPO).

“Amidst a surge of COVID-19 cases in the Philippines and in the region, the PSE has been highly volatile in recent weeks, and the Board believes that it is in the best interests of the company, its shareholders, and potential investors to defer the listing until conditions improve,” explained the company in a statement.

Nonetheless, DMPI looks to push through with the IPO as it remains confident in its growth and resilience. Discussions with potential investors and partners who earlier showed interest in the company’s listing are still being continued as well.

DMPI was originally set to go public on August 9 to 13, while its debut on the Philippine Stock Exchange (PSE) was initially scheduled on August 23. Through the IPO listing, the company was projecting to sell 2.797 billion of its common shares in an effort to raise approximately ₱44 billion.

Source: GMA News