D&L sells more shares, raises public float
MANILA, Philippines - A newly listed manufacturer of customized food ingredients and specialty plastic colorants and additives has sold additional shares, increasing its public float by 4.5%.
D&L Industries Inc. sold 160.7 million common shares under the over-allotment option of its initial public offering (IPO) to its underwriter Maybank ATR. It sold the shares at the IPO price of P4.30 each or a total of P691 million.
In December, D&L conducted its IPO, selling 1.23 billion new and secondary common shares and raising P5.3 billion in proceeds.
With the additional sale, D&L's public ownership now stands at 33.4%, much higher than the 10% minimum required by the securities regulators.
The firm earns 80% of its revenues from the food ingredients business, while 18% comes from specialty plastics, with the bulk supplied to the automotive industry.
This year, especially with the mid-term elections, the firm expects to post stronger sales on higher consumer spending. - Rappler.com