A P3.2-billion initial public offering (IPO) undertaken by leading canned food manufacturer Century Pacific Food Inc. was cited the Philippines’ “2014 Deal of the Year” by Hong Kong-based financial magazine The Asset.
Century Pacific Food Inc, the company behind household brands Century Tuna, Argentina Corned Beef, 555 Sardines, Angel and Birch Tree, debuted on the local stock market last May 6 under the trading symbol CNPF.
The IPO was 3.5 times oversubscribed and allowed CNPF to sell 230 million shares at P13.75 each. Since its trading debut six months ago, CNPF’s share price has risen by 18.5 percent to close at P16.30 on Friday, giving it a market capitalization of P36.57 billion.
“It was a great honor and pleasure to advise and assist Century Pacific on its IPO. It is gratifying to see how successful it was and that this was recognized by the prestigious Asset Magazine as one of its deals for the year,” said Stephen CuUnjieng, chair of Evercore Asia, which acted as exclusive financial adviser to Century Pacific.
After the stock debut, Singapore’s sovereign wealth fund GIC, through Arran Investment Private Ltd., also extended to parent company Century Canning Corp. a P3.4-billion loan convertible to 250 million issued and outstanding shares of CNPF.
First Metro Investment Corp. (FMIC) president Roberto Juanchito Dispo said the deal was a winner from the start. “It had all the right ingredients for a successful IPO—a solid and viable business model, top notch management and strategic growth direction.”
“The award is really just icing on the cake as delighting customers with consistently good products has always been Century’s strength,” said Eduardo Francisco, president of BDO Capital and Investment.
Reggie Cariaso, BPI Capital’s chief operating officer, said: “We are very pleased to have helped support Century Pacific in their first foray into the capital markets. We look forward to working on many future transactions with them.”
BPI Capital, BDO Capital and FMIC served as joint lead underwriters for the transaction.
The Asset’s Triple A Awards recognize excellence in the finance industry in the region. The winners are selected based on a stringent methodology.