Campos-led consumer powerhouse Del Monte Pacific Limited (DMPL) is pursuing plans to take its American subsidiary, Del Monte Foods Inc. (DMFI) public within its fiscal year 2024.
In a regulatory filing, DMPL said that the progress of DMFI’s IPO is progressing favorably and as planned.
DMPL said DMFI has already submitted to the US Securities and Exchange Commission its registration statement for its its planned initial public offering. The regulatory approval process is expected to take four to six months, according to the company.
DMPL said DMFI’s IPO is anticipated to generate significant funds for debt repayment.
The company, led by bilyonaryo Joselito “Butch” Campos, aims to cut its debt to $2.1 billion by the end of the current fiscal year. DMPL’s debt surged by $706 million in its last fiscal year ending April.
To achieve its debt reduction goals, DMPL plans to utilize internally generated funds and may consider issuing equity instruments. These measures aim to strengthen its capital base, streamline operations, and expand distribution channels.