Del Monte Pacific’s US unit seeks IPO nod

A UNIT of Philippine-listed Del Monte Pacific Ltd. is seeking regulatory approval from the US Securities and Exchange Commission (SEC) for its initial public offering (IPO) of ordinary shares, the company announced on Tuesday.

In a disclosure to the stock market, the company said its US unit Del Monte Foods Holdings Ltd. intends to “confidentially” submit a draft registration statement on Form F-1 to the US SEC for the IPO.

According to the US regulator, “Form F-1 is used for the registration of foreign private companies that intend to sell securities in a registered offering in the US for the first time.”

The company said that the number of ordinary shares to be offered in the proposed IPO and the offer price range are yet to be determined.

“The proposed offering is subject to, among other things, completion of the SEC review process, market and other conditions, including any required shareholders’ approval,” the company said.

Del Monte Foods Holdings is the parent company of Del Monte Foods, Inc. which handles Del Monte Pacific’s food production and distribution in the US.

Del Monte Pacific, together with its subsidiaries, is a global branded food and beverage company engaged in growing, processing, and selling packaged fruits and vegetables. It also sells sauces, condiments, pasta, broth, and juices.

On Tuesday, Del Monte Pacific shares rose by 11.71% or PHP 1.30 to close at PHP 12.40 apiece. — By Adrian H. Halili