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Del Monte shares debut
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February 5, 1999: 12:22 p.m. ET
Fruit and vegetable processor goes public to a lukewarm reception
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NEW YORK (CNNfn) - Shares of Del Monte Foods Co., the foods and juices processor, made their public debut Friday alongside a handful of other initial public offerings, but Wall Street barely blinked an eye.
The San Francisco-based company's stock was trading at around 15-11/16 on the New York Stock Exchange, up just fractionally from its offering price of around $15 a share.
Analysts had expected a lukewarm reception for the company, which had postponed its IPO in 1998. This offer was led by Morgan Stanley.
Analysts said the nature of the business is slow-growing and wouldn't attract the momentum players who have driven recent technology and Internet IPOs to lofty levels.
Del Monte had 1997 revenue of $1.4 billion.
Among the other companies that went public Friday are: Delphi Automotive Systems Corp. (DPH), Modern Media Poppe Tyson (MMPT), Pacific Internet (PCNTF), Corinthian Colleges (COCO) and MicroFinancial (MFI).
-- from staff and wire reports
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Del Monte
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