Thursday, February 22, 2024

Del Monte P44.07-Billion IPO Approved by the SEC

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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