Del Monte Philippines, known for its pineapple-based products and sauces, is seeking to raise up to 38.3 billion pesos ($790 million) in its initial public offering.
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 to the Securities and Exchange Commission. The IPO comes with an over-allotment option of 104.9 million shares.
The Del Monte Philippines IPO comes three years after the company deferred plans for its maiden share sale in 2018, citing adverse market conditions. While the benchmark Philippine stock index has climbed 15% in the past year, rising Covid-19 infections has triggered a selloff in recent weeks.
Del Monte Philippines, which posted sales of $532.9 million in the nine months to January 2021, is a market leader in packaged pineapple and mixed fruit, ready-to-drink juices, tomato sauce and spaghetti sauce.
The company is controlled by the Campos siblings through Del Monte Pacific, whose shares trade in Singapore and the Philippines. The siblings–Jocelyn, Joselito and Jeffrey–debuted on the Philippine Rich List in 2019 after their mother, Beatrice, died. The family were ranked No. 23 last year with a net worth of $600 million.
The Campos siblings trace their fortunes from the country’s pharmaceutical giant Unilab, which was founded in 1945 by their late father Jose Campos and his business partner Mariano Tan. Jocelyn’s son Clinton runs Unilab, while Joselito heads Del Monte Pacific and Jeffrey helms the family’s real estate business.
The Del Monte Philippines IPO is set to be the second-largest maiden share sale in the Southeast Asia nation this year. Instant noodle and biscuit maker Monde Nissin Corp., which is slated to start trading in June, is raising $1.3 billion from its IPO.