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Del Monte’s iced IPO awaits more fruitful market

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The Del Monte logo is seen on a banana in this illustration photo January 31, 2018. REUTERS/Thomas White/Illustration

HONG KONG, Aug 4 (Reuters Breakingviews) - Del Monte Pacific (DMPL.SI) has 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 (DOLE.N) dropped 6% read more on its New York debut.

Dole’s deal, as with Del Monte’s, was only the latest twist in the endless slicing and dicing of the brands. Both have been traded, floated and taken private multiple times. Perhaps investors are souring more generally on a process where advisors pocketing fat fees are the only clear winners. (By Jennifer Hughes)

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Editing by Antony Currie and Katrina Hamlin

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