Del Monte PH revives plan for P44 billion IPO
MANILA, Philippines — Food and beverage manufacturer Del Monte Philippines Inc. (DMPI) has revived its plan to debut on the local stock exchange with an application to sell as much as P44 billion of shares.
Based on an offer prospectus dated April 27 filed at the Securities and Exchange Commission, DMPI plans to place out up to 699.33 million secondary shares plus an over-allotment option of up to 104.9 million shares. The shares will be offered at a maximum price of P54.80 per share.
Morgan Stanley and Credit Suisse were mandated as joint global coordinators and book runners. CLSA and DBS are the joint international book-runners while BDO Capital and BPI Capital are the joint local lead underwriters and book runners.
The offer shares consist of existing common stocks currently held by Central American Resources Inc., a wholly-owned subsidiary of parent conglomerate Del Monte Pacific Ltd. (DMPL) and Singapore-based SEA Diner Holdings (S) Pte Ltd., a company managed by private equity firm Crescent Fund Management Pte. Ltd.
Proceeds will be used by parent conglomerate DMPL to retire debt and strengthen its balance sheet in the aftermath of the acquisition of US-based Del Monte Foods Inc.