Del Monte’s iced IPO awaits more fruitful market, says JennHughes13:
The Del Monte logo is seen on a banana in this illustration photo January 31, 2018. REUTERS/Thomas White/Illustrationhas put the $900 million float of its Philippines business on ice as Manila fights a surge in coronavirus cases that has knocked about 7% off its stock market in the past month. The deal would have been the country’s second-largest initial public offering and proceeds would have helped pay down debt for the Singapore-listed group.
Del Monte is familiar with the effect of poor markets, having called off a spinoff attempt three years ago for similar reasons. This time however the market wobbles have a global taste: Last week produce giant Dole
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