DMPI REVIVES IPO PLAN

Campos family-led Del Monte Philippines Inc. (DMPI), one of the largest fresh pineapple growers in Asia, has rekindled its plan to debut on the local stock exchange with an application to sell as much as P44 billion worth of shares.

The size of DMPI’s proposed offering is more than two times larger than its aborted initial public offering (IPO) plan in 2018.

Based on an offer prospectus dated April 27 filed in the Securities and Exchange Commission, DMPI will place out up to 699.33 million secondary shares plus an overallotment option of up to 104.9 million common shares. The shares will be offered at a maximum price of P54.80 per share.

The targeted timetable for the offering and listing is by August this year.

Joselito Campos Jr., DMPI president and chief executive officer, said this planned IPO was a “moment of pride” for the company’s board and management team.

“It represents the realization of an ambition we have set—to provide the people of the Philippines with the opportunity to share in the continued growth and success of our Asia business,” Campos said.

“With a history spanning over 95 years, today our company and the Del Monte brand are household names in the Philippines with a strong presence internationally,” he added.

Assuming the exercise of the overallotment option, 28.75 percent of DMPI’s shares will be held by the public after this exercise.

Morgan Stanley and Credit Suisse are the joint global coordinators and book runners for this offering. CLSA and DBS are the joint international book runners while BDO Capital and BPI Capital are the joint local lead underwriters and book runners.