Monde Nissin discloses 11 cornerstone investors

Published May 19, 2021, 4:35 PM

by James A. Loyola

Food and beverage firm Monde Nissin Corporation disclosed the list of the 11 cornerstone investors that subscribed to about 67 percent of the shares from its P55.9 billion initial public offering.

In a statement, the firm said the cornerstone investors are: AIA Investment Management Private Limited, Stichting Depositary APG Emerging Markets Equity Pool, Avanda Investment Management Pte. Ltd., The Capital Group Funds, Eastspring Investments (Singapore) Limited, FIL Investment Management (Hong Kong) Limited, GIC Private Limited, Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Limited, NS Partners Ltd, and RWC Asset Advisors (US) LLC. 

The firm said the 11 renowned cornerstone investors will form the long-term base of the Company’s share register.  

“We are pleased that these world-class investors share our vision of the future and will cornerstone our IPO. Their commitment is a strong vote of confidence in our company, strategy and talented team,” said Monde Nissin Chief Executive Officer Henry Soesanto.

He added that, “We are excited about the opportunities that lie ahead as we accelerate our growth plans for our meat alternative business Quorn, which is a global player in the transformation of sustainably produced healthier food, and extend our leadership position in the Asia-Pacific Food and Beverage business through continued innovation and constant dialogue with our consumers.”

Monde Nissin has priced its proposed IPO at P13.50 per share. It is offering 3.6 billion common shares, with an overallotment option of a further 540 million common shares granted by the selling shareholder. 

The IPO is a landmark for the Philippines and Southeast Asia. The size of the Offer is the largest ever IPO on the PSE, and is also the largest ever Food & Beverage IPO in Southeast Asia. 

The offer period for Philippines-based trading participants and retail investors will be from May 19, 2021 to May 25, 2021. Monde Nissin’s Common Shares are expected to begin trading on the Main Board of the PSE on June 1, 2021 under the stock symbol MONDE.

The Company intends to use the net proceeds from the primary offer to fund capital expenditures, redeem the Arran Convertible Note and repay loans to commercial banks. 

UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. MorganSecurities plcare the Joint Global Coordinators and Joint Bookrunners for the proposed offering.

BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation are the Local Lead Underwriters and Joint Bookrunners. Credit Suisse (Singapore) Limited is the Joint International Bookrunner. 

Macquarie Capital Securities (Singapore) Pte. Limited and Jefferies Singapore Limited are the International Co-Bookrunners.

China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corp. are the Domestic Co-Lead Underwriters.