UPDATE 2-Philippines' Del Monte files for up to $910 mln IPO, country's second largest

* Offer consists of secondary share sales
* Proceeds to pay debts of parent Del Monte Pacific
* IPO is set to be launched in the third quarter-source
* Philippines gears up for blockbuster year of IPOs

(Recasts with details on IPO, quotes)
By Neil Jerome Morales and Anshuman Daga
MANILA, April 28 (Reuters) - Del Monte Philippines Inc filed
for an IPO that could raise up to 44.1 billion pesos ($910
million), marking potentially the second-largest share offering
in a market that is gearing up for a blockbuster year for
listings.
Del Monte's shareholders Del Monte Pacific DMPL.SI and SEA
Diner, are seeking to sell up to 804.23 million shares,
including an over-allotment option of 15%, it said in a
registration statement filed with the corporate regulator on
Wednesday.
Del Monte, the maker of canned fruit-to-tomato sauce has
been operating in the Philippines for 95 years, and is also the
company behind the S&W brand operating in 30 countries.
Del Monte, the largest fresh pineapple exporter to China,
set a maximum offer price of 54.80 pesos apiece.
The Philippines, once a regional laggard in share
fundraising, is set to emerge as the top spot for IPOs in
Southeast Asia in a recovering economy. Local IPOs are typically priced way below the maximum price.
At the filing price, it would be the second-largest local
IPO after instant noodles and biscuits manufacturer Monde
Nissin's share sale that could raise up to $1.5 billion in May
and is due to list in June.
In 2018, Del Monte shelved a plan to raise up to 13.5
billion pesos due to poor market conditions.
"The business has been reorganised to allow Del Monte to
sell premium fresh pineapples directly to the fast growing China
market," said one source familiar with the deal, adding that the
IPO was likely to be launched in the third quarter.
Monde Nissin is set to launch an IPO worth up to 72.45
billion pesos, putting this on track to be the country's
largest-ever listing. Proceeds from Del Monte's offering will be used by its
parent firm, Del Monte Pacific Limited DMPL.SI DELM.PS , to
repay some loans.
Credit Suisse and Morgan Stanley are the joint global
coordinators on Del Monte's IPO, while DBS and CLSA are the
joint international bookrunners. BDO Capital and BPI Capital are
the joint local lead underwriters and bookrunners.
($1 = 48.4350 Philippine pesos)