Monde Nissin, set for record IPO, clears all listing hurdles
MANILA, Philippines — Food giant Monde Nissin Corp. is now all set for its mammoth initial public offering.
In a notice published on Friday, the Philippine Stock Exchange announced it approved Nissin's listing application. The company's shares will be listed on the main board of the PSE on June 7. Before this, the Securities and Exchange Commission gave its nod to the offer last April 20.
Based on filing documents, the company behind the hugely popular Lucky Me! instant noodles is seeking to initially sell 3.6 billion common shares at P17.50 each. Including an overallotment option of 540 million common shares if there is robust demand, Nissin is set to rake in P72.45 billion, in what would be the largest local maiden share sale in history.
At that level. the food manufacturer is set to beat the capital raised by Robinsons Retail Holdings Inc., which holds the title of the biggest IPO that debuted at the exchange in 2013.
Excluding expenses and other charges, Nissin is expected to raise P60.61 billion in net proceeds, which will be used for capital expenditures (P26.52 billion), redemption of a convertible note (P17.31 billion) and repayment of loans (P16.78 billion).
Nissin appeared to have survived the pandemic crunch having increased profits 21.3% year-on-year to P8 billion in 2020. Net sales, meanwhile, grew 3.8% on-year to P67.9 billion.
Nissin will be the second company to go public this year after businessman Edgar "Injap" Sia's DDMP REIT Inc.
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