D&L IPO to raise P5.28-B at P4.30/share

MANILA, Philippines – D&L Industries Inc., a manufacturer of food additives and specialty plastic colorants, will raise P5.28 billion from a planned initial public offering, which the company priced at P4.30 per share.

“We would like to inform you that the offer price for the D&L IPO has been set at P4.30 per share,” Maybank ATR Kim Eng Capital Partners Inc., the underwriter for the offer, told the Philippine Stock Exchange in a letter on Tuesday, November 27.

The final offer price is on the middle of the P3.85 to P4.80 per share range earlier provided by the company.

D&L will sell 1.23 billion shares in its IPO, of which 1.071 billion are primary shares and 160.7 million are secondary.
         
The offer period will run from November 28 to December 6, 2012, with the tentative listing set on December 12.

D&L previously said it will use offer proceeds for investments and acquisitions, for debt payments and for general corporate purposes.

D&L is a leading manufacturer of food ingredients and specialty plastic colorants and additives. It manufactures products for use by food, electronics, fuel and health and beauty companies. It derives 80% of its revenues from the supply of food ingredients to the country’s top restaurant chains and branded food firms. – Rappler.com