Stocks down, PSE approves Monde Nissin’s record IPO

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) fell back to the 6,300 level, closing down 37.46 points or 0.58 percent to 6,378.07.

Likewise, the broader All Shares index slipped 20.22 points or 0.51 percent to finish at 3,927.19.

Total value turnover was likewise thin at P5.87 billion. Market breadth was negative, 132 to 64, while 47 issues were unchanged.

In a market commentary, AB Capital Securities said the local market closed in the red for the third straight session as daily COVID-19 cases and positivity rate remain high despite the stricter measures imposed.

Meanwhile, the PSE approved yesterday the record P72.4-billion initial public offering (IPO) of snacks food giant Monde Nissin, which now targets to list its shares on June 7.

The IPO period is slated from May 24 to 28.

The company will sell 3.6 billion common shares priced up to P17.50 each in the primary offer and an over-allotment option of up to 540 million existing common shares.

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.