Del Monte Philippines, known for its pineapple-based products and sauces, is looking to raise up to 38.3 billion pesos ($ 790 million) when it goes public.
The company’s major shareholders, Del Monte Pacific and SEA Diner Holdings, plan to sell 699.3 million shares at a maximum price of 54.80 pesos, according to a filing with the Securities and Exchange Commission. The IPO is accompanied by an over-allotment option of 104.9 million shares.
Del Monte Philippines’ IPO comes three years after the company postponed plans for its first share sale in 2018, citing unfavorable market conditions. While the benchmark Philippine stock index climbed 15% last year, the surge in Covid-19 infections has sparked a sell off in recent weeks.
Del Monte Philippines, which reported sales of $ 532.9 million in the nine months ending January 2021, is a market leader in packaged pineapple and mixed fruit, ready-to-drink fruit juices, tomato sauce and spaghetti sauce.
The company is controlled by the Campos siblings through Del Monte Pacific, whose shares are traded in Singapore and the Philippines. The siblings – Jocelyn, Joselito and Jeffrey – debuted on the Philippine Rich List in 2019 after the death of their mother, Beatrice. The family was ranked 23rd last year with a net worth of $ 600 million.
The Campos siblings derive their fortune from the country’s pharmaceutical giant Unilab, founded in 1945 by their late father Jose Campos and his business partner Mariano Tan. Jocelyn’s son Clinton runs Unilab, while Joselito runs Del Monte Pacific and Jeffrey runs the family’s real estate business.
Del Monte Philippines’ IPO is set to be the second-largest inaugural share sale in the Southeast Asian country this year. Instant noodle and cookie maker Monde Nissin Corp., which is slated to begin operations in June, has raised $ 1.3 billion since its IPO.