Del Monte Philippines, which is best known for its pineapple-based products and sauces, is seeking an initial public offering of up to 38.3 billion pesos ($790 million).
According to a filing with the Securities and Exchange Commission, 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. The initial public offering includes a 104.9 million share over-allotment option.
Del Monte Philippines’ initial public offering comes three years after the company postponed its initial public offering in 2018, citing unfavorable market conditions. Although the benchmark Philippine stock index has increased 15% in the last year, recent weeks have seen a selloff due to increasing Covid-19 infections.
Del Monte Philippines, which produced $532.9 million in revenue during the nine months ended January 2021, is the market leader in packaged pineapple and mixed fruit, ready-to-drink juices, tomato sauce, and spaghetti sauce.
The Campos siblings own the company through Del Monte Pacific, whose shares are traded in Singapore and the Philippines. The siblings–Jocelyn, Joselito, and Jeffrey–made their first appearance on the Philippine Rich List in 2019 following the death of their mother, Beatrice. With a net worth of $600 million, the family was ranked No. 23 last year.
The Campos siblings inherited their fortunes from the country’s pharmaceutical behemoth Unilab, which their late father Jose Campos and business partner Mariano Tan founded in 1945. Clinton, Jocelyn’s uncle, is the CEO of Unilab, while Joselito is the CEO of Del Monte Pacific and Jeffrey is the CEO of the family’s real estate company.
Del Monte Philippines’ initial public offering is expected to be the second highest in the Southeast Asian country this year. Monde Nissin Corp., which is scheduled to begin trading in June, is raising $1.3 billion via its initial public offering.
