Del Monte IPO has achieved a green light from the Securities and Exchange Commission for its P40.7B share sale

It will received its full approval and permit to sell shares on the market for the IPO once it submits certain requirements as mentioned by the SEC

In its statement last Friday July 15, according to the SEC “Among others, (Del Monte Philippines) will still have to submit the final prospectus for the IPO, which should provide more clarity on some information about the company and its offer”

The company is hoping to sell a total of 699.33Million shares with an overallotment option of 104.9Million shares. It will offer these shares at P54.80/share.

The initial plan was to conduct an IPO few years back but did not materials due to certain economic conditions.

It plans to sell majority of the shares or 70% of it to foreign investors, the remaining shares shall be offer to local investors

Offer date will be on August 9-13 and initial listing date will be on August 23, 2021

BDO Capital Investment Corp. and BPI Capital Corp. were commission as joint local lead underwriters and book runners, with First Metro Investment Corp. as the local co-lead underwriter.

87% of Del Monte Philippines is owned by Del Monte Pacific limited with a ticker symbol of DELM, while SEA Diner Holdings Pte Ltd owns 13% a Singapore based investor

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