• Century Pacific P3.3-B IPO approved by SEC

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    The Securities and Exchange Commission (SEC) has given its approval to the planned market debut of tuna canner Century Pacific Food Inc. (CPFI), which plans to raise as much as P3.3 billion from an initial public offering (IPO).

    Documents from the SEC revealed that CPFI, the country’s largest canned food manufacturer behind popular brands like Century tuna, 555 sardines and Argentina corned beef, has obtained regulatory approval to proceed with its IPO.

    In its prospectus, CPFI specified that it expects gross proceeds of up to P3.3 billion from the sale of 229 million shares at a price of up to P14.50 apiece.

    Proceeds of the offering will be used to fund planned capital expenditures for expansion, potential acquisitions and retirement of debt as well as for working capital.

    Given its portfolio of brands, CPFI believes that it is well placed to benefit from the country’s growing middle class and the multi-year growth trajectory in consumer spending.

    The IPO adviser is Evercore Asia Ltd., with BDO Capital, BPI Capital and First Metro Investment Corp. as joint underwriters.

    According to one of the IPO underwriters, the offer period to the public will be from April 23 to 29, while the listing of the shares on the Philippine Stock Exchange is expected to be on May 6.

    A roadshow is set for April 8 in Cebu and April 11 in Manila.

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