The Philippines’ leading producer and distributor of premium quality food and beverage products, Del Monte Philippines Inc. was approved by the nation Securities and Exchange Commission for its P44.07-billion initial public offering (IPO).
The initial public offering includes the selling of 699.3 million secondary common shares to the public at a price of P54.80 each, and the selling of 104.9 million more shares following demands from investors.
The IPO, which was planned to run from August 9 to 13 and debut on the Philippine Stock Exchange on August 23 is expected to give the company a total of P38.32 billion in return, with an additional P5.75 billion from the overallotment option.
In April, Del Monte netted a total of P4.6 billion, with an increase of 33%, which was contributed from the 8% annual increase in sales to P34.5 billion, despite the uncertainties in the stock market amidst the pandemic.
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