MANILA – Monde Nissin Corporation has booked the Philippines’ largest initial public offering, raising P48.6 billion from both domestic and international investors, the company said on Wednesday.
The IPO consists of 3.6 billion common shares at P13.50 per share, with overallotment option of a further 540 million common shares.
The company behind the popular Lucky Me instant noodles brand and alternative meat Quorn said its international and domestic book building process was multiple times oversubscribed.
“The extraordinary level of interest that we received from a broad range of international and domestic investors is a testament to the world-class company that we have built and the significant growth opportunities that lie ahead,” said Monde Nissin CEO Henry Soesanto.
Monde Nissin's stock debut is the largest ever on the Philippines Stock Exchange and the largest food and beverage IPO in Southeast Asia.
The company said money raised from the IPO will be used for capital expenditures, repayment of loans, and redemption of convertible notes.
“We intend to stay ahead of consumer demands through innovation and investment in technology to provide healthier and more delicious food,” Soesanto said.
The company said it expects to commence trading on the PSE under the ticker symbol “MONDE” on June 1 with Soesanto and guests ringing the opening bell.
Monde Nissin reported net sales of P68 billion for 2020, up 4.6 percent from P65 billion in 2019. Net profit rose 21 percent to P8.07 billion from P6.65 billion.
The Philippines, a historical laggard in Southeast Asia in terms of capital market fundraising, is shaping up as the region's biggest IPO market of 2021, despite local equity markets falling nearly 12 percent so far this year.