MANILA, Philippines - D&L Industries Inc., a manufacturer of food additives and specialty plastic colorants, aims to raise as much as P5.14 billion in its initial public offering (IPO) to be held in December.

The company will offer 1.071 billion common shares at P3.85 to P4.80 apiece.

Using this range, D&L targets to raise gross proceeds of between P4.125 billion and P5.142 billion from its IPO -- the fifth maiden offering at the local bourse this year.

The company said it intends to use the proceeds for its planned investments and acquisitions; payment of financial obligations; and general corporate purposes.

The public offer also has an over-allotment option of up to 160.71 million common shares. This option is exercisable within 30 days after the listing date.

The offer period will run from November 29 to December 5, with the listing date tentatively set on December 12.

D&L tapped Maybank ATR Kim Eng Capital Partners Inc. as domestic lead underwriter, and Maybank Kim Emg Securities Pte. Ltd. as international underwriter and bookrunner.

D & L Industries maintains an R&D Analytical & Application Laboratory which performs research, development and technical services. It is staffed by qualified chemical engineers, chemists, and consultants who service the customers of the D&L Group in the following industries:

• Adhesive
• Aerosol
• Cosmetics
• Food & Beverage Plastics & Rubber
• Paper
• Paint & Ink
• Plastic & Rubber
• Soap & Detergent

The D&L group has under its wing the following firms:

• Aero-pack Inc.
• Chemrez Inc.
• Chemrez Technologies
• D&L Polymers & Colours, Inc.
• First in Colours, Inc.
• Oleofats, Inc.

- Rappler.com