D&L sets IPO in late November
MANILA, Philippines - D&L Industries Inc., a manufacturer of food ingredients and specialty plastic colorants and additives, is expected to start its initial public offering late this month after obtaining the approval of the Philippine Stock Exchange.
Underwriter Maybank ATR Kim Eng Capital Partners Inc. said during the launch of the offer on Thursday that the domestic offer period will run from November 28 to December 6 while the international roadshow will run from November 19 to 23. The target listing date has been set on December 12.
The shares will be priced on November 26. The tentative price range was unavailable as of this writing but the company earlier said the shares will be priced at up to P5.85 each.
D&L is selling about 30 percent of its expanded capital, or 1.07 billion new shares to investors in the country and overseas. Proceeds here will be used mainly for “acquisitions and investments” and debt repayment.
Its controlling shareholder, Jadel Holdings Co. Inc., can sell another 160.71 million secondary shares under a greenshoe or overallotment option.