June 6, 2018 / 12:49 PM / 4 months ago

Del Monte Philippines set to postpone IPO in weak markets - sources

MANILA/SINGAPORE, June 6 (Reuters) - Del Monte Philippines Inc is likely to postpone its planned launch of a 13.5 billion pesos ($258 million) initial public offering (IPO) after the issue drew lukewarm demand, sources familiar with the matter said on Wednesday.

The unit of Del Monte Pacific Ltd had planned to raise funds in what would be the Philippines largest food and beverage IPO on record but it failed to secure strong interest from local investors, said the sources, who declined to be named as they were not authorised to speak to the media.

The IPO was set to be priced on Wednesday. About 30 percent of the offering was for foreign investors.

The sources did not say when the IPO would go ahead.

The Philippines’ broader index has fallen 10 percent this year, making it the worst performer in Southeast Asia, hit by rising inflation and a weak currency.

Reuters was not able to immediately reach Del Monte officials outside regular office hours.

$1 = 52.4060 Philippine pesos Reporting by Neil Jerome Morales and Anshuman Daga Editing by Edmund Blair

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