Monde Nissin IPO four times oversubscribed

MANILA, Philippines — Institutional investors gobbled up Monde Nissin Corp.’s public offering which was four times oversubscribed amid overwhelming interest from the global market.

There was strong demand from Philippine-based investors as well, resulting in an international and book building process that was multiple times oversubscribed, the company said.

Monde Nissin offered 3.6 billion common shares at a price of P13.50 per share, with an overallotment option of 540 million common shares granted by the selling shareholder.

With a listing date on June 1, the IPO is the largest ever on the Philippine Stock Exchange and the largest food and beverage IPO in Southeast Asia, raising net proceeds of P48.6 billion for Monde Nissin.

Proceeds will fund capital expenditures, redeem the Arran convertible note and repay loans to commercial banks.

The new international and domestic investors join the previously announced 11 renowned, global long-term cornerstone investors in making up Monde Nissin’s initial shareholder base.

“The extraordinary level of interest that we received from a broad range of international and domestic investors is a testament to the world-class company that we have built and the significant growth opportunities that lie ahead,” said Monde Nissin CEO Henry Soesanto.

“Our Quorn and Asia-Pacific Branded Food and Beverage businesses are a powerful combination to advance our mission of food safety and food security,” he added.

Quorn is a leading player in the fast-growing global meat alternatives segment with a loyal customer following and a defining set of healthy sustainable products.

The company’s Asia-Pacific branded food and beverage business, meanwhile, is widely recognized for its leadership positions across each of its core segments.

“We intend to stay ahead of consumer demands through innovation and investment in technology to provide healthier and more delicious food,” Soesanto said.

Monde Nissin tapped UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities plc as joint global coordinators and joint bookrunners for the offering.

BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. were the local lead underwriters and joint bookrunners. China Bank Capital Corp, PNB Capital and Investment Corp. and SB Capital Investment Corp. were the domestic co-lead underwriters.

Credit Suisse (Singapore) Ltd. served as the joint international bookrunner while Macquarie Capital Securities (Singapore) Pte. Ltd. and Jefferies Singapore Ltd. served as the international co-bookrunners.