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Manila Bulletin devider Business devider Monde Nissin says P55.89-B IPO oversubscribed

Monde Nissin says P55.89-B IPO oversubscribed

Published May 26, 2021 03:58 pm

Food and beverage firm Monde Nissin Corporation announced that its P54.89 billion initial public offering has been “multiple" times oversubscribed.

The firm offered 3.6 billion of its common shares at P13.50, with an over allotment option of a further 540 million shares granted by the Selling Shareholder.

“The Offering received overwhelming interest from global institutional investors and long-only funds, as well as strong demand from Philippines-based investors, resulting in an international and domestic book building process that was multiple times oversubscribed,” Monde Nissin said without providing figure.

The IPO is the largest ever on the Philippines Stock Exchange and the largest food and beverage IPO in Southeast Asia.

“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 Corporation Chief Executive Officer Henry Soesanto.

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

He noted that, “Our Asia-Pacific Branded Food and Beverage business 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.”

Monde Nissin expects to commence trading on the PSE under the ticker symbol “MONDE” on June 1, 2021.

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.

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