SEC approves P17.5-billion IPO of Del Monte Philippines

MANILA, Philippines — Del Monte Philippines Inc. (DMPI) is now set to debut at the stock market after the Securities and Exchange Commission greenlighted the canned fruit manufacturer’s P17.5 billion initial public offering.

According to SEC, DMPI will offer 587.4 million common shares to the public for up to P29.88 apiece.

Reuters last February reported that DMPI’s plan to sell its shares would be the Philippines’ biggest IPO in 15 months and “Southeast Asia’s largest for a food and beverage firm in nearly six years.”

DMPI’s ultimate parent company, Del Monte Pacific Ltd. (DMPL), will use the proceeds from the offer to partially repay or prepay debt, as well as for “general corporate purposes.”

DMPL, which is listed on both the Philippine Stock Exchange and the Singapore Stock Exchange, is an investment holding company with subsidiaries that are principally engaged in manufacturing of packaged fruits and vegetables, canned fished and fresh pineapple, and tomato-based products, among others.