Del Monte ₱44B IPO gets SEC nod

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Metro Manila (CNN Philippines, July 16) — Del Monte Philippines Inc. is one step closer to going public after it secured regulatory approval for its maiden offering on Friday.

In a statement, the Securities and Exchange Commission said it has “considered favorably” the food and beverage company’s initial public offering which hopes to raise as much as ₱44.07 billion.

The Commission en Banc “resolved to render effective” on July 15 the DMPI’s registration statement for the listing and trade of its 2.79 billion common shares in the local bourse subject to its “compliance with certain remaining requirements.”

SEC added that the firm will acquire its corresponding order of registration and permit to sell after fulfilling the said conditions.

DPMI’s parent company Del Monte Pacific Limited announced in late April its filing of a registration statement with the SEC on its planned IPO. 

The statement covers 699.33 million secondary common shares sold at ₱54.80 apiece, along with an overallotment option of up 104.89 million shares, the regulator noted.

The offering itself can raise up to ₱38.83 billion at the highest price offered, while another ₱5.75 billion can be raised if the overallotment option is fully exercised, added the SEC.

Del Monte hopes to conduct its public offering from August 9 to 13 and make its debut in the local stock exchange on August 23, the SEC said based on the company’s latest submission.

The food and beverage company’s second attempt at a maiden offering could become the second largest in the country next to food manufacturing giant Monde Nissin's, which raised up to ₱48.6 billion in June