Monde Nissin Files for IPO That Could Be Worth Up To P63 Billion
Monde Nissin, maker of the country’s top-selling instant noodle brand Lucky Me!, has officially filed for an initial public offering (IPO) that could be worth up to P63 billion. That would make it the largest-ever listing in the country’s history.
According to documents it submitted to the Securities and Exchange Commission, the company looks to sell as many as 3.6 billion shares at a maximum offer price of P17.50 each, plus an additional 540 million more shares as an over-allotment option.
“The Company intends to use the net proceeds from the Primary Offer to fund Capital Expenditure, redemption of the Arran Convertible Note, repayment of loans to commercial banks, and general corporate purposes,” the company said in the filing.
Monde Nissin’s filing price IPO would surpass the record $627 million (P30.4 billion) raised in the maiden share sale of Robinsons Retail Holdings Inc. in 2013.
The company engaged 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. BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will serve as local lead underwriters.
Besides Lucky Me!, Monde Nissin manufactures products like Nissin and Bingo, and other crackers, biscuits and food products. It is also the local distributor of Mama Sita's, Dutch Milk, and Pringles. In 2015, the Philippine company purchased U.K.-based Quorn, a vegan meat substitute, for £550 million (roughly P38.5 billion in 2015).
Founded by Betty Ang, who has been dubbed one of Asia's most mysterious tycoons, Monde Nissin is partly owned by Ang's in-laws, the Kweefanus', who run their own snack empire in Indonesia called Khong Guan Indonesia, according to a report by Forbes Asia.