Del Monte Philippines Files for One of Country’s Biggest IPOs
- Fruit producer’s IPO would be second biggest in Philippines
- Del Monte Pacific to use proceeds to pay debt, redeem shares
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Del Monte Philippines Inc., best known for its pineapple products, has filed for an initial public offering in Manila that could raise as much as 38.3 billion pesos ($791 million).
The company’s major shareholders, Del Monte Pacific Ltd. and SEA Diner Holdings Pte., plan to offer 699.3 million shares at a maximum price of 54.80 pesos each, according to the registration statement filed with the Philippine Securities and Exchange Commission on Wednesday. Del Monte Pacific will use the IPO proceeds to pay debt and redeem preferred shares.