Del Monte's shareholders Del Monte Pacific and SEA Diner, are seeking to sell up to 804.23 million shares, including an over-allotment option of 15%, it said in a registration statement filed with the corporate regulator on Wednesday.
Del Monte, the maker of canned fruit-to-tomato sauce has been operating in the Philippines for 95 years, and is also the company behind the S&W brand operating in 30 countries.
Del Monte, the largest fresh pineapple exporter to China, set a maximum offer price of 54.80 pesos apiece.
The Philippines, once a regional laggard in share fundraising, is set to emerge as the top spot for IPOs in Southeast Asia in a recovering economy.
Local IPOs are typically priced way below the maximum price.
At the filing price, it would be the second-largest local IPO after instant noodles and biscuits manufacturer Monde Nissin's share sale that could raise up to $1.5 billion in May and is due to list in June.
In 2018, Del Monte shelved a plan to raise up to 13.5 billion pesos due to poor market conditions."The business has been reorganised to allow Del Monte to sell premium fresh pineapples directly to the fast growing China market," said one source familiar with the deal, adding that the IPO was likely to be launched in the third quarter.
Monde Nissin is set to launch an IPO worth up to 72.45 billion pesos, putting this on track to be the country's largest-ever listing.
Proceeds from Del Monte's offering will be used by its parent firm, Del Monte Pacific Limited, to repay some loans.
Credit Suisse and Morgan Stanley are the joint global coordinators on Del Monte's IPO, while DBS and CLSA are the joint international bookrunners. BDO Capital and BPI Capital are the joint local lead underwriters and bookrunners.
($1 = 48.4350 Philippine pesos)
(Reporting by Neil Jerome Morales and Anshuman Daga; Editing by Martin Petty and Ed Davies)
By Neil Jerome Morales and Anshuman Daga