Century Tuna maker sets IPO price range

Posted at 04/11/14 10:45 AM

MANILA - Philippine canned food manufacturer Century Pacific Food Inc on Thursday set a price range of P12.50-P14.50 per share for its upcoming initial public offering.

Century Pacific Food may raise as much as P3.33 billion ($74 million) in the country's second IPO this year. Proceeds from the sale will be used to fund the company's expansion.

The offer consists of 229.65 million primary shares, according to an offering memorandum from the Philippine Stock Exchange.

The week-long offer period starts on April 23, with the listing set for May 6. Pricing is on April 21.

Shares of DoubleDragon Properties Corp sizzled on their trading debut on Monday on strong demand for a relatively small IPO, the country's first this year.

Century Pacific Food's brands include Century Tuna, Argentina Corned Beef, 555 Sardines, Swift, and Birch Tree.