Monde Nissin Targets $1.3 Billion for Philippine’s Largest IPO

Monde Nissin filed for an initial public offering (IPO) at the Securities and Exchange Commission (SEC), aiming to raise USD1.3 billion or PHP63 billion in what seems to be the country’s largest IPO to date.

The SEC registration of Monde Nissin states that common shares are to be offered for a price of up to PHP17.50 per share, with an over-allotment option of up to 540 million common shares.

A maximum amount of gross proceeds of PHP63 billion may be expected from the offer, excluding proceeds from the exercise of an over-allotment option of up to 15 percent of the offer shares.

SEC said in a statement that net proceeds from the offer are to be used to fund the company’s capital expenditures, the redemption of certain notes, repayment of loans, and for general corporate purposes that are intended to be utilized for the expansion and enhancement of its production and technological capabilities, which includes business interests in the United Kingdom and other markets.

Monde Nissin UBS AG Singapore Branch, Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited and J.P. Morgan Securities PLC as joint global coordinators for the offer, with BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will serve as local lead underwriters.

Monde Nissin is the maker of popular Filipino food products such as Dutch Mill yogurt drink, Lucky Me! instant noodles, Mama Sita’s oyster sauce, and SkyFlakes. (GFB)