The Philippine Stock Exchange has approved the stock offerings of Monde Nissin Corporation and AC Energy Corporation which, combined, will raise up to P88.9 billion from the equities market in May.
For its initial public offering (IPO), Monde Nissin Corporation will be raising up to P72.45 billion. It is offering 3.6 billion primary shares and up to 540 million over-allotment option shares at a price of up to P17.50 per share.
The final offer price will be determined on May 18, 2021 after the company conducts its book building process. The offer period of Monde Nissin is scheduled on May 24 to 28, 2021 while its tentative listing date is on June 7, 2021.
“As a company responsible for several household brands in the food sector, Monde Nissin is certainly a welcome addition to our roster of listed companies,” said PSE President and CEO Ramon S. Monzon.
He added that, “We are pleased that the company chose to raise capital and list in the PSE as investors have been looking forward to this IPO.”
Ten percent of Monde Nissin’s firm offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website (http://easy.pse.com.ph) or mobile application.
After its stock rights offering in January, AC Energy Corporation (ACEN) will now be conducting a follow-on offering (FOO) to raise as much as P16.48 billion.
The offer shares will be sold at a price of up to Php8.20 per share. ACEN’s FOO will run from May 3 to 7, 2021 and its tentative listing date is on May 14, 2021.
The ACEN offering was also approved by the Securities and Exchange Commission, subject to the company’s compliance with certain remaining requirements.
The SEC approved ACEN’s registration statement which covers 1.58 billion shares, which shall comprise the primary offer priced, from P6.00 to P8.20 per share, as well as 330.25 million shares as part of the secondary offer. The offer comes with an overallotment option consisting of up to 100 million common shares.
AC Energy will use the net proceeds from the primary offer, estimated at P12.64 billion, to partially fund the development of power projects, inorganic growth opportunities, repayment of loans and reduction of payables, as well as other general corporate requirements.