February 10, 2023

Philippine poultry farm Bounty is exploring US$500 million IPO

Bounty Agro Ventures, a poultry company from the Philippines, is exploring an initial public offering (IPO) that could raise between US$400 million to US$500 million, BusinessWorld reported.

According to people with knowledge on the matter, the company is in talks with potential advisers about the planned listing. They have asked not to be identified because the information is private.

The sources said a first-time share sale could occur as early as the end of this year.

The sources also said discussions are still in the early stages, and Bounty may decide not to proceed with the offering. Bounty's representative did not immediately respond to requests for comment.

If Bounty goes ahead with the IPO, it will boost the Philippines' IPO market, which saw only US$389 million in first-time share sales last year, a fraction of the US$2.5 billion raised in 2021, based on Bloomberg data.

Bounty Agro Ventures was founded in 1997 and has grown into the largest rotisserie chicken company in the Philippines. The company traces its roots to 1986 as an egg producer.

The company operates 2,000 retail outlets that sell roasted chickens and chicken burgers under brands like Chooks-to-Go, Uling Roasters, and HeiHei. 100,000 roasted chickens are sold daily. It also sells dressed chicken in supermarkets, hotels, and other establishments under the Bounty Fresh Chicken brand.

-      BusinessWorld