Del Monte Philippines revives IPO plans with $790M share sale
Del Monte Philippines, known for its pineapple-based products and sauces, is seeking to raise up to 38.3 billion pesos ($790 million) in its initial public offering, Forbes reports.
The company’s major shareholders Del Monte Pacific and SEA Diner Holdings plan to sell 699.3 million shares at a maximum price of 54.80 pesos, according to a filing to the Securities and Exchange Commission. The IPO comes with an over-allotment option of 104.9 million shares.
The Del Monte Philippines IPO comes three years after the company deferred plans for its maiden share sale in 2018, citing adverse market conditions. While the benchmark Philippine stock index has climbed 15% in the past year, rising Covid-19 infections have triggered a selloff in recent weeks.
Del Monte Philippines, which posted sales of $532.9 million in the nine months to January 2021, is a market leader in packaged pineapple and mixed fruit, ready-to-drink juices, tomato sauce and spaghetti sauce.
The company is controlled by the Campos siblings through Del Monte Pacific, whose shares trade in Singapore and the Philippines. The siblings–Jocelyn, Joselito and Jeffrey–debuted on the Philippine Rich List in 2019 after their mother, Beatrice, died. The family was ranked No. 23 last year with a net worth of $600 million.