Monde Nissin Gets SEC Greenlight for P72.45 Billion IPO


Food company Monde Nissin has secured the approval of the Securities and Exchange Commission (SEC) for its initial public offering worth as much as P72.45 billion. 

In its April 20 meeting, the SEC resolved to render effective the registration statement of Monde Nissin covering 17,968,611,496 common shares to be listed and traded on the Main Board of the Philippine Stock Exchange (PSE). 

The registration statement covers 3.6 billion common shares comprising the primary offer priced up to P17.50 per share, plus an overallotment option comprising up to 540 million existing common shares.

The company expects to raise up to P63 billion in total gross proceeds from the primary offer alone and as much as P72.45 billion should the overallotment option is exercised. That’s enough to make it the largest-ever IPO in the country’s history, the record $627 million (P30.4 billion) raised in the maiden share sale of Robinsons Retail Holdings Inc. in 2013. 

The company said it expects to net about P60.61 billion from the primary offer, with the proceeds used for capital expenditures (P26.52 billion), redemption of a convertible note (P17.31 billion), and repayment of loans (P16.78 billion).

Monde Nissin will run the public offering from May 17 to 21, and list on the PSE on May 31, according to its latest submissions to the SEC. It is the country’s second IPO listing after property giant DoubleDragon Corp’s DDMP REIT last month.

Maker of the country’s top-selling instant noodle brand Lucky Me!, Monde Nissin also manufactures brands like SkyFlakes, Fita, Mama Sita’s, and Dutch Mill, among others. It operates two core businesses: Asia-Pacific Branded Food and Beverage Business, which consists of instant noodles, biscuits, and other products; and the Meat Alternative Business. 


In 2015, the company purchased U.K.-based Quorn, a vegan meat substitute, for £550 million (roughly P38.5 billion in 2015). 

UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities PLC will serve as joint global coordinators for the IPO, while Credit Suisse (Singapore) Limited will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte. Limited.

BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will serve as local lead underwriters. China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corp. were also engaged as domestic co-lead underwriters.

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Paul John Caña
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