Monde Nissin sets final IPO price at P13.50/share

Food maker Monde Nissin Corp., the company behind Lucky Me! noodles brand, has set the final price for its initial public offering (IPO) at P13.50 per share.

In a statement on Wednesday, Monde Nissin said its IPO consists of 3,600,000,000 common shares with an overallotment option of a further 540,000,000 common shares granted.

The company also announced that the Securities and Exchange Commission (SEC) issued the Order of Registration and Permit to Sell, approving the company’s proposed IPO on the Philippine Stock Exchange (PSE).

The IPO is a landmark for the Philippines and Southeast Asia, according to Monde Nissin.

“The size of the offer is the largest ever IPO on the PSE, and is also the largest ever Food & Beverage IPO in Southeast Asia,” it noted.

Monde Nissin said it secured 11 renowned “cornerstone” investors, who will form the long-term base of the company’s share register.

The cornerstone investors are: AIA Investment Management Private Limited, Stichting Depositary APG Emerging Markets Equity Pool, Avanda Investment Management Pte. Ltd., The Capital Group Funds, Eastspring Investments (Singapore) Limited, FIL Investment Management (Hong Kong) Limited, GIC Private Limited, Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Limited, NS Partners Ltd and RWC Asset Advisors (US) LLC.

“We are pleased that these world-class investors share our vision of the future and will cornerstone our IPO,” said Henry Soesanto, chief executive officer of Monde Nissin.

“Their commitment is a strong vote of confidence in our company, strategy and talented team. We are excited about the opportunities that lie ahead as we accelerate our growth plans for our meat alternative business Quorn, which is a global player in the transformation of sustainably produced healthier food, and extend our leadership position in the Asia-Pacific Food and Beverage business through continued innovation and constant dialogue with our consumers,” Soesanto sad.

The offer period for the IPO will be from May 19, 2021 to May 25, 2021.

Monde Nissin’s common shares are expected to begin trading on the Main Board of the PSE on June 1, 2021 under the stock symbol “MONDE”.

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

UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities plc are the Joint Global Coordinators and Joint Bookrunners for the proposed offering.

BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation are the local lead underwriters and joint bookrunners.

Credit Suisse (Singapore) Limited is the joint international bookrunner.

Macquarie Capital Securities (Singapore) Pte. Limited and Jefferies Singapore Limited are the international co-bookrunners. China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corp. are the domestic co-lead underwriters.

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