The Philippines unit of fruit products manufacturer Del Monte Pacific is revisiting an IPO postponed in 2018 due to a decline in the local stock market.

The subsidiary, Del Monte Philippines, has registered an application with the Philippines Securities and Exchange Commission for a proposed public share offering.

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“The timing of the offer, final offer price, final number of offer shares, and allocation of the proceeds will depend on, among other things, market conditions, the circumstances surrounding the offer, and will be subject to securing the necessary regulatory approvals,” it said in a filing.

When the IPO proposal was first muted early in 2018, Del Monte Philippines said it would seek to raise up to the equivalent of US$324m, consisting of more than 500 million shares. The plan was then postponed in the summer of that year on the recommendation of its bankers amid a slump in the country’s stock market.

Del Monte Philippines has a domestic listing and one in Singapore. It sold a 13% stake in 2020 to Singapore-incorporated SEA Diner Holdings for $130m. Del Monte Pacific holds the remaining 87%.

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In the same filing, Del Monte Philippines said the parent company, through its subsidiary Central American Resources, and SEA Diner, intend to offer up to 15% and 10%, respectively, of their stakes in the Philippines arm, for "a combined offering of up to 25% to be floated in the proposed IPO".

Del Monte Pacific intends to retain a majority stake in the Philippines unit post-IPO, according to the filing, while SEA Diner will also "be retaining a holding".