MANILA - Monde Nissin on Tuesday listed in the Philippine Stock Exchange following the country's largest initial public offer.

The Lucky Me! instant noodles maker's IPO consists of 3.6 billion common shares at P13.50 per share with an overallotment option of 540 million common shares.

"The extraordinary level of commitment that we received is a testament both to the Philippine economy and to the world-class company that we have built and the significant growth opportunity ahead of us," said Monde Nissin CEO Henry Soesanto during the bell-ringing ceremony.

PSE President and CEO Ramon Monzon and Monde Nissin CEO Henry Soesanto rang the PSE bell on June 1 at the start of the trading day to mark Monde Nissin's listing. pic.twitter.com/tXesP6fk3s

— Jessica Fenol (@JessFenol) June 1, 2021

"Brand affinity" likely played a huge role in the brand's IPO success with its line of iconic products, PSE president and CEO Ramon Monzon said.

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Proceeds from the public offer will be used for capital expenditures, loan repayment and redemption of convertible notes.

Monde Nissin's iconic Lucky Me! instant noodles and SkyFlakes are household brands in the Philippines.

Alternative meat Quorn is also under its portfolio.

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MONDE NISSIN 2.0

The next chapter of the company is very "exciting" as it focuses on tapping "explosive growth" in the alternative meat market, Soesanto told reporters in a separate briefing.

It bought alternative meat brand Quorn in 2015.

"Alternative meat only has 1 percent compared to the total protein sector. But 10 years from now, based on several studies, this meat alternative, the alternative protein business will become at least 10 percent of the total alternative business," he said.

Demand for alternative meat is global while the potential in Asia is "enormous," chief strategy officer David Nicol told reporters.

"We think that the time is right to be able to bring in Quorn back in the country," he said.

Soesanto said the company's noodle brand holds 68 to 70 percent market share in the Philippines.

The food giant is working on technology to reduce oil in noodles by up to 70 percent in order to tap the health-conscious market, he said.

"Some of the consumers are not yet consuming Lucky Me! today. We have to address it from the technology point of view, from the health issue, from the sustainability issue," he said.

"We now have a technology which can reduce oil by 70 percent but [does] not change the taste and all. This is a breakthrough technology... Using this technology, we hope that the consumption can increase," he added.

Nicol said they are "looking at potential ideas" to add to the technology they have in place and for potential joint ventures globally in terms of low oil content noodles.

The Philippines could be the largest IPO market in Southeast Asia this year following the listing of several companies and real estate investment trusts (REITs).

• Philippines set to take rare top spot for IPOs in Southeast Asia

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-- with a report from Reuters