Del Monte eyes $250M capital buildup via float

Food manufacturer Del Monte Pacific Limited (Del Mon­te) will conduct a primary offer of up to 15 million preferred shares and up to 10 million in oversubscription option scheduled for listing at the local bourse in April.

The float involve perpetual, cumulative, non-voting, non-participating, non-convertible shares at $10 each based on its application for listing and to raise up to $250 million in market capitalization.

The price setting date will be on March 20 while the start of offer period will be from March 22 until March 28. The listing of the shares will be on April 7.

Del Monte reported that last December 14, the Securities and Exchange (SEC) approved the company’s application for shelf listing of up to 36 million preferred shares with a par value of $1 each.

The shelf listing has a term of three years from the date of registration.

The Del Monte board approved the offer on November 26 while stockholders gave their approval on August 28, 2015 and March 8, 2016.

The listing application of Del Monte will have stock symbol of DMPA1 with offer price of $10 per share and with market capitalization of up to $250 million post-IPO, and with the trading participant allocation of up to 3 million offer shares or up to $30 million.

Del Monte assigned BDO Capital and Investment Corp. as lead underwriter and sole issue manager and bookrunner.

The joint lead underwriters are China Bank Capital Corp, PNB Capital and Investment Corp, and RCBC Cap­ital Corp. The bank registrar will be BDO Unibank Inc. – Trust and Investment Group. RIZA LOZADA