Del Monte Philippines is pushing through with its plan to sell P38.3 billion in shares via an initial public offering that was delayed for two years by a volatile market.
Known in the country for tomato sauces and canned pineapples, Del Monte said it planned to sell 699 million shares at up to P54.80 apiece, with an option to sell up to 104 million more, according to a filing with the Securities and Exchange Commission.
Del Monte Philippines said it has “proven highly resilient through a globally turbulent 2020,” noting that it “continues to invest for future growth.”
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The Del Monte IPO compares to the P63 billion that Lucky Me! noodle-maker Monde Nissin plans to raise from its own long-delayed IPO.
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