Del Monte to revive ₱44 billion IPO plan

Food and beverage manufacturer Del Monte Philippines Inc. (DMPI) has revived its plan for an Initial Public Offering (IPO) of as much as ₱44 billion worth of shares on the local stock market.

Based on an offering prospectus dated April 27 filed at the Securities and Exchange Commission (SEC), DMPI plans to allow up to 699.33 million secondary shares plus an over-allotment option of up to 104.9 million shares and will offer them at a maximum price of ₱54.80 per share.

The offer shares consist of existing common stocks currently held by Central American Resources Inc., a subsidiary of parent conglomerate Del Monte Pacific Ltd. (DMPL) and Singapore-based SEA Diner Holdings (S) Pte Ltd., a company managed by private equity firm Crescent Fund Management Pte. Ltd.

Morgan Stanley and Credit Suisse were mandated as its joint global coordinators and book runners, CLSA and DBS as its joint international book-runners, and BDO Capital and BPI Capital as its joint local lead underwriters and book runners.

Proceeds will be used by DMPL to retire debt and strengthen its balance sheet following the acquisition of US-based Del Monte Foods Inc.

SOURCE: Inquirer