Monde Nissin files for P63-billion IPO

monde nissin

Monde Nissin Corp, maker of Lucky Me! instant noodles, on Thursday filed for an up to 63 billion pesos ($1.3 billion) initial public offering (IPO), in what is set to be the country’s largest-ever listing. The company plans to sell 3.6 billion shares at as much as 17.5 pesos each, according to a filing with the Philippine Securities and Exchange Commission on Thursday. The company could issue as many as 540 million additional shares in an overallotment option, the filing showed.

Monde Nissin makes crackers, muffins, and biscuits, and has a presence in more than 30 countries, according to its website. In 2015 the Makati-based firm acquired British meat substitute maker Quorn Foods Ltd. for 550 million pounds ($768 million).

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The company plans to use the IPO proceeds for purposes including loan repayment and general corporate use, according to the documents submitted.

UBS Group AG, Citigroup Inc., Credit Suisse Group AG, and JPMorgan Chase & Co. are the joint global coordinators of the deal, while the local lead underwriters are BDO Capital & Investment Corp., BPI Capital Corp., and First Metro Investment Corp.

May be an image of text that says 'SUBJECT PRELIMINARY PROSPECTUS DATED MARCH Monde Nissin Monde Nissin Corporation with iability the Republic the Primary Offer upto 3,600,000,000 Common Shares Offer Price lup listed traded P17.50] per Share Main The Philippine Stock Exchange, Inc. Coordinators UBS cíti CREDIT SUISSE Local Lead Underwriters J.P.Morgan BDO Capital BPI Capital Corporation FIRST METRO CORPORATION Prospectus PHILIPPINE SECURITIES SECURITIES DETERMINED REPORTED IMMEDIATELY EXCHANGE COMMISSION HAS NOT APPROVEL THESE PROSPECTUS ACCURATE COMPLETE. ANY AND COMMISSION PHILIPPINE majority'

Monde Nissin is banking on the growing demand for both consumer staples and higher-value products. Lucky Me! is an iconic brand in the Philippines while British meat substitute Quorn, bought in 2015 for $831 million, gives the firm a footing in the healthy food category.

Investors and bankers said consumer retailers and REITs are lining up fundraising deals in the Philippines that could top $4 billion in 2021, more than the country’s consolidated tally of the last seven years, Refinitiv data showed. 

Source: Reuters; Bloomberg; ABS-CBN

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