Lucky Me! maker Monde Nissin eyes Philippines’ biggest IPO to date

Food maker Monde Nissin Corporation—which owns the Lucky Me! brands—is set to generate some P63 billion, in what could be the biggest initial public offering in the Philippine market to date.

Monde Nissin plans to offer 3.6 billion shares at as much as P17.5 apiece based on its prospectus filed with the Securities and Exchange Commission (SEC) dated March 2, 2021. It has also set an overallotment option of 540 million shares.

The company's Asia-Pacific Branded Food and Beverage Business includes instant noodles, biscuits, oyster sauce, and yogurt drinks under the brands Lucky Me!, SkyFlakes, Fita, Nissin, M.Y San Grahams, Mama Sita's, and Ditch Mill.

It also offers Quorn and Cauldron meat alternative brands which are among the market leaders in the United Kingdom.

Net proceeds from the maiden offering are estimated at P60.399 billion which will be used to finance capital expenditure, repayment of loans, and general corporate purposes.

The company has tapped UBS AG Singapore Branch, Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited, J.P. Morgan Securities plc as the joint global coordinators.

Meanwhile, BDO Capital & Investment Corporation, BPI Capital Corporation, and First Metro Investment Corporation were tasked as the local lead underwriters.

Monde Nissin posted a net income of $8.065 billion in 2020, according to its unaudited financial statement attached to the prospectus. — BM, GMA News