SEC oks Del Monte PH’s P17.55B IPO

The Securities and Exchange Commission has approved a plan by food and beverage producer Del Monte Philippines Inc. to sell as much as P17.55 billion secondary common shares to the public.

This initial public offering (IPO) consists of 587.437 million secondary shares which will be offered at a price of as much as P29.88 per share.

The offering will bring 21 percent of the company’s shares to public hands.

The company will not directly receive any net proceeds from the offering but the seller of the shares – DMPI’s ultimate parent company Del Monte Pacific Ltd. – intends to use the proceeds to reduce debt stock and strengthen its balance sheet.