Philippines’ Century Pacific Food ready for IPO

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Century foodCentury Pacific Food Inc, the Philippines’ largest canned goods producer, is set to debut in the local bourse this week after completing a 3.2-billion-pesos ($72 million) initial public offering (IPO).

The bookbuilding and offer period of the second IPO this year was met by strong demand that would translate to favourable prices come trading time, underwriters said.

“The Century Pacific IPO was greeted with overwhelming demand with a three times oversubscription at bookbuilding,” said Roberto Juanchito Dispo, president of underwriter First Metro Investment Corp.

Actual demand during the offer period might have been more than three times, said Eduardo Francisco, president of underwriter BDO Capital and Investments Corp. He added that investors affirmed their confidence on the strength of the consumer sector and continuous growth of the Philippine economy.

Century Pacific raised the fresh capital from the sale of 229.654 million shares on April 23 to 29. The company’s shares is set to debut on the main board of the Philippine Stock Exchange on May 6.

DoubleDragon Properties Corp. was the first firm to conduct an IPO this year, while Top Frontier Investment Holdings Inc., the majority shareholder of diversified conglomerate San Miguel Corp., listed by way of introduction in January.

Proceeds from Century Pacific’s IPO would be used to pay short-term obligations, complete a tin can manufacturing factory and dairy mix plant facility in Taguig, and support general working capital given an intensified marketing and sales initiative or possible acquisition.

Century Pacific is banking on its market leadership in the consumer-based Philippine economy, and multi-category, multi-brand product portfolio with a strong record of product innovation and successful new product introduction.

Century Pacific, the company behind Century Tuna, Argentina and 555, is the Philippines’ largest producer of canned goods cornering 84.1 per cent of the domestic canned tuna market, 42.5 per cent for corned beef and 25.6 per cent for meat loaf. The company started operations in 1978 when businessman Ricardo S. Po Sr. set up Century Canning. Other brands of Century Pacific include BlueBay, Wow, Birch Tree, Angel, Fresca, Lucky 7 and Shanghai.

 

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Reading Time: 2 minutes

Century Pacific Food Inc, the Philippines’ largest canned goods producer, is set to debut in the local bourse this week after completing a 3.2-billion-pesos ($72 million) initial public offering (IPO).

Reading Time: 2 minutes

Century foodCentury Pacific Food Inc, the Philippines’ largest canned goods producer, is set to debut in the local bourse this week after completing a 3.2-billion-pesos ($72 million) initial public offering (IPO).

The bookbuilding and offer period of the second IPO this year was met by strong demand that would translate to favourable prices come trading time, underwriters said.

“The Century Pacific IPO was greeted with overwhelming demand with a three times oversubscription at bookbuilding,” said Roberto Juanchito Dispo, president of underwriter First Metro Investment Corp.

Actual demand during the offer period might have been more than three times, said Eduardo Francisco, president of underwriter BDO Capital and Investments Corp. He added that investors affirmed their confidence on the strength of the consumer sector and continuous growth of the Philippine economy.

Century Pacific raised the fresh capital from the sale of 229.654 million shares on April 23 to 29. The company’s shares is set to debut on the main board of the Philippine Stock Exchange on May 6.

DoubleDragon Properties Corp. was the first firm to conduct an IPO this year, while Top Frontier Investment Holdings Inc., the majority shareholder of diversified conglomerate San Miguel Corp., listed by way of introduction in January.

Proceeds from Century Pacific’s IPO would be used to pay short-term obligations, complete a tin can manufacturing factory and dairy mix plant facility in Taguig, and support general working capital given an intensified marketing and sales initiative or possible acquisition.

Century Pacific is banking on its market leadership in the consumer-based Philippine economy, and multi-category, multi-brand product portfolio with a strong record of product innovation and successful new product introduction.

Century Pacific, the company behind Century Tuna, Argentina and 555, is the Philippines’ largest producer of canned goods cornering 84.1 per cent of the domestic canned tuna market, 42.5 per cent for corned beef and 25.6 per cent for meat loaf. The company started operations in 1978 when businessman Ricardo S. Po Sr. set up Century Canning. Other brands of Century Pacific include BlueBay, Wow, Birch Tree, Angel, Fresca, Lucky 7 and Shanghai.

 

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