Camposol withdraws US$450M IPO request
Peruvian-headquartered multinational Camposol has withdrawn its IPO request in the U.S. in which it aimed to raise US$450 million in capital.
According to an SEC filing, the company said it has determined not to pursue the public offering. This is the second time that Camposol has filed for an IPO and then withdrawn the request later.
Its first filling occurred in 2017, which was withdrawn in 2018. This current filing had last been amended in June 2021. It did not give any specific reasons for the decision.
In its most recent request, the company said that it posted revenues of US$343 million in 2020, and a gross operating profit of US$90 million. From 2011 to 2022, the compound annual growth rate was 15.5%.
The lowest revenue figure in that period was US$84 million in 2012, and the highest US$374 million in 2018.
The filling also listed presence in 40 countries, 23 distribution facilities, 10 packing facilities and 20,000ha of proprietary crops. The company has operated for 26 years, and was also expected to list on the Lima stock exchange as well.
In the past, company executives have said that an IPO represents a "once in a lifetime opportunity" which can wait for the right timing.