MANILA - Monde Nissin Corp's proposed initial public offering has been cleared by the Securities and Exchange Commission, the regulator said Tuesday.

"The Securities and Exchange Commission has considered favorably the initial public offering of Monde Nissin Corporation," it said in a statement.

The maker of Lucky Me! instant noodles is seeking approval to sell up to 3.6 billion common shares, which will comprise the primary offer priced up to P17.50 per share with an overallotment option comprising up to 540 million existing common shares.

It is expected to raise P63 billion "at the maximum price" in total gross proceeds from the primary offer, the SEC said. With the overallotment option fully exercised, total gross proceeds could reach as much as P72.4 billion, it said.

Net proceeds, expected at about P60.61 billion, will be used for capital expenditures, redemption of a convertible note and repayment of loans, the company said.

The planned IPO will run on May 17 to 21 and list on the PSE on May 31, based on company filing. Its IPO is said to be the "largest ever listing" in the country.

Monde Nissin's Lucky Me! instant noodles and SkyFlakes are household brands in the Philippines and are among staple items in "ayuda" packs.

Its portfolio also includes Fita, Mama Sita's and Dutch Mill, among others.

• More 'blockbuster' IPOs coming after Monde Nissin due to strong interest in economy: SEC

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— with a report from Reuters