Monde Nissin raises P48.6B from IPO

Food manufacturer Monde Nissin Corp. has completed a P48.6 billion initial public offering (IPO)—the largest in the history of the local stock market and the biggest equity deal out of the Southeast Asian food and beverage space—on the back of robust global market reception.

If the overallotment option were to be exercised within 30 days from the listing day on June 1, Monde’s equity deal could increase to P55.89 billion.

The company behind iconic brands such as Lucky Me! noodles, Skyflakes crackers, Fita crackers, Monde baked goods and Quorn meat-free products announced on Wednesday that it had completed the sale of 3.6 billion common shares at P13.50 each. The overallotment option will consist of additional 540 million shares.

“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,” Henry Soesanto, Monde chief executive officer, said in a press statement.

The company said the offering had received “overwhelming interest from global institutional investors and long-only funds,” alongside strong demand from local investors, resulting in an international and domestic book-building process that was multiple times oversubscribed.

This deal brings 20 percent of the company’s ownership to public hands.

It was earlier reported that for the international tranche of this IPO—excluding the shares gobbled up by 11 cornerstone investors, the overallotment and the domestic tranche—the global investor demand was nearly six times the offer. Out of the $1.15-billion equity deal, around $700 million had been taken up by 11 cornerstone investors.