PSE OKs Lucky Me! maker Monde Nissin’s IPO

Food maker Monde Nissin’s Corporation’s plan to go public is all set after the Philippine Stock Exchange (PSE) approved its initial public offering (IPO) in a bid to raise over P60 billion through offering shares to the investing public.

“As a company responsible for several household brands in the food sector, Monde Nissin is certainly a welcome addition to our roster of listed companies. We are pleased that the company chose to raise capital and list in the PSE as investors have been looking forward to this IPO,” PSE president and CEO Ramon Monzon said in a statement.

The company has earlier secured the go ahead signal

For its IPO, Monde Nissin is offering 3.6 billion primary shares and up to 540 million over-allotment option shares at a price of up to P17.50 per share.

At the maximum price, the company will raise P63,000,000,000 in total gross proceeds from the primary offer alone.

Assuming that the overallotment option is fully exercised, the total gross proceeds could reach as much as P72,450,000,000.

Monde Nissin expects to net about P60.61 billion from the primary offer.

The final offer price will be determined on May 18, 2021 after the company conducts its book building process.

The offer period of Monde Nissin is scheduled on May 24 to 28, 2021 while its tentative listing date is on June 7, 2021.

The proceeds of the IPO will be used for Monde Nissin’s capital expenditures at P26.52 billion, redemption of a convertible note at P17.31 billion, and repayment of loans at P16.78 billion

The PSE said 10% of Monde Nissin’s offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application.

Monde Nissin is behind popular household brands such as Lucky Me!, SkyFlakes, Fita, Nissin, M.Y. San Grahams, Mama Sita's, and Dutch Mill.

Meanwhile, the PSE also said it approved the follow-on offering (FOO) of AC Energy Corporation (ACEN) to raise as much as P16.48 billion.

ACEN’s offer shares will be sold at a price of up to P8.20 per share.

ACEN’s FOO will run from May 3 to 7, 2021 and its tentative listing date is on May 14, 2021.—AOL, GMA News