GIC Private Ltd., Singapore’s sovereign fund, is buying into the P55.89 billion initial public offering of food manufacturer Monde Nissin Corp.
Established in 1981 to manage Singapore’s foreign reserves. GIC invests, and with its current portfolio size of more than $100 billion, GIC is amongst the world’s largest fund management companies.
GIC joins 10 other entities as cornerstone investors in the fund raising activity, one of the biggest done in the Philippine Stock Exchange.
In Monde Nissin’s prospectus, the company identified the cornerstone investors as: GIC Private Ltd.; AIA Investment Management Private Ltd.; Stichting Depositary APG Emerging Markets Equity Pool; Singapore-Incorporated Avanda Investment Management Pte. Ltd.; The Capital Group Funds; Eastspring Investments (Singapore) Ltd; FIL Investment Management (Hong Kong) Ltd.; Goldman Sachs Asset Management (Singapore) Pte. Ltd.; UK-based M&G Investment Management Ltd; NS Partners Ltd and; RWC Asset Advisors (US) LLC.
Monde Nissin is looking to raise about P55.89 billion by issuing to the public 3.6 billion shares covering the firm shares and another 540 million shares for the greenshoe option, at an offer price of P13.50 apiece.
The company said the proceeds will be used to fund capital expenditures, and redemption of obligations.
About 70 percent of the shares for sale is eyed to be sold overseas.
The offer period will run May 24 to 28, 2021 while its tentative listing date is on June 7, 2021.
UBS AG Singapore Branch (UBS AG), Citigroup Global Markets Limited (Citigroup), Credit Suisse (Singapore) Limited (Credit Suisse), JP Morgan Securities plc will serve as joint global coordinators for the share sale while BDO Capital & Investment Corp. (BDO Capital), BPI Capital Corp. (BPI Capital) and First Metro Investment Corp. (FMIC) comprise the local lead underwriters.
Monde Nissin is the food manufacturer behind the brands SkyFlakes, Fita, Mama Sita’s, and Dutch Mill, among others.
