SEC OKs P72.45-B Monde Nissin Corp. IPO, biggest in stock market history

MANILA, Philippines—The Securities and Exchange Commission (SEC) has cleared a landmark P72.45-billion initial public offering (IPO) planned by food manufacturing giant Monde Nissin Corp.

At its maximum price, the proposed IPO could be the largest in the history of the local stock market.

The company behind iconic brands, like Lucky Me! noodles, Skyflakes crackers, Fita crackers, Monde baked goods and Quorn meat-free products, was authorized to sell as much as 3.6 billion common shares at a maximum price of P17.50 per share. The offer comes with an over-allotment option of up to 540 million secondary common shares.

Proceeds from the offering will be used for capital expenditures (P26.52 billion), redemption of a convertible note (P17.31 billion) and repayment of loans (P16.78 billion).

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 book runner, alongside international co-book runners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte. Limited.

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

TSB