Del Monte Philippines Inc. will finally push through with its initial public offer (IPO), looking to raise through the Philippine Stock Exchang as much as P44.13 billion.
The Campos-controlled food manufacturing group is looking to issue an initial 699.33 million shares and another 104.9 million shares, all secondary shares, at an offer price of up to P54.80.
The shares are owned by shareholders Central American Resources Inc., a wholly-owned subsidiary of listed Del Monte Pacific Ltd (DMPL) and Singapore-incorporated SEA Diner Holdings (S) Pte Ltd. that is managed by Crescent Fund Management Pte. Ltd., which own 87 percent and 13 percent of Del Monte Philippines, respectively.
Post-IPO, the two companies will trim their ownership to 72 percent and 3 percent, respectively.
Del Monte Philippines said proceeds of the offer will mostly flow back to DMPL after a dividend declaration by Central American Resources, which will be used to partially repay certain facilities extended to DMPL worth P12.56 billion, and redeem DMPL’s Series A-1 preference shares worth P9.62 billion, aside from covering IPO-related costs.
Tapped to serve as joint global coordinators and bookrunners were Morgan Stanley and Credit Suisse (Singapore). CLSA and DBS Bank meawhile will serve as joint international bookrunners while BDO Capital and Investment Corp. and BPI Capital Corp. will also serve as joint local lead underwriters and bookrunners.
