Monde Nissin schedules record IPO, listing in May

Iris Gonzales (The Philippine Star) - April 22, 2021 - 12:00am

MANILA, Philippines — Snacks food giant Monde Nissin Corp. is targeting to debut on the Philippine Stock Exchange (PSE) on May 31 after a public offering set on May 17 to 21.

The Securities and Exchange Commission (SEC) has already approved the P72.4 billion initial public offering of Monde Nissin.

Monde Nissin expects to net about P60.61 billion from the primary offer. Of the proceeds, P26.52 billion will be used for capital expenditures; P17.31 billion for the redemption of a convertible note and P16.78 billion for repayment of loans.

Monde Nissin is awaiting the approval of the Philippine Stock Exchange (PSE) before it can proceed with its listing, which touted as the biggest in recent years.

The primary offer consists of 3.6 billion common shares, priced at P17.50 apiece. Up to 540 million shares have been earmarked for the overallotment option.

Monde Nissin tapped UBS AG Singapore Branch, Citigroup Global Markets Ltd. and J.P. Morgan Securities PLC as joint global coordinators for the IPO while Credit Suisse (Singapore) Ltd. will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte. Ltd.

The company also hired BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. as local lead underwriters. China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. were also engaged as domestic co-lead underwriters.

Monde Nissin, founded by low key tycoon Betty Ang, is behind snack brands SkyFlakes, Fita, Mama Sita’s and Dutch Mill, among others.

It operates two core businesses known as the Asia-Pacific branded food and beverage business, which consists of instant noodles, biscuits and the meat alternative business.

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