Mega Prime Foods eyes IPO in 2-3 years

MANILA, Philippines — Canned sardines maker Mega Prime Foods Inc. (MPFI) is preparing for a public listing in two to three years as part of its growth plan.

Marvin Tiu Lim, chief of growth and development officer of MPFI, told reporters the company is looking to go public in the next two to three years.

He said the company has been making preparations for an initial public offering (IPO).

“It is on the table because we really want to share this story, this company with the Filipinos, with other investors because we believe in it so much,” Tiu Lim said.

“I think given the right management team, given the right brands that are out there for acquisition, and given the right plan for future growth, we can take this Filipino company globally,” he added.

While an IPO is part of MPFI’s plan for future growth, Tiu Lim said the company has yet to set the amount it wants to raise.

For now, the company is aiming to increase its market share and expand its product offering.

“We aim to at least have a 30 percent market share this year,” Tiu Lim said.

Mega is the country’s leading sardines brand, with a 26– percent market share in 2024.

It is also the first sardines brand in the country and in the world to be endorsed by the Medical Wellness Association as a “superfood” or rich in nutrients beneficial for health.

According to Tiu Lim, the company also continues to be open for opportunities for acquisitions.

Last year, MPFI added coffee in its product portfolio as it acquired select assets of Goldshine Pharmaceuticals Inc., the company behind Jimm’s Coffee Mix products.

Aside from sardines and coffee, MPFI’s other offerings include canned seafood, vegetables, as well as condiments.

“There are Filipino brands out there that have a problem either with distribution, need help. We’re open for partnerships. We are open to help them get their brands, their name out there and really make sure everyone hears about it, tastes it and has access to it,” he said.

He said the company is also looking to expand its export markets, with Egypt as a potential market.

At present, MPFI is exporting to the United Arab Emirates, Canada, Europe and the United States.

Despite the US’ imposition of reciprocal tariffs on trade partners including the Philippines, Tiu Lim said MPFI is not much affected.

“We do not export that much to the US so we are not as impacted,” he said.