Monde Nissin Corp. said its P55.89-billion initial public offering (IPO) has garnered enough interest to be “multiple times” oversubscribed.
Without revealing how many times demand had exceeded the available supply of shares, Monde Nissin in a statement said the offer “received overwhelming interest from global institutional investors and long-only funds, as well as strong demand from Philippines-based investors, resulting in an international and domestic book building process that was multiple times oversubscribed.”
The largest IPO in the Philippines Stock Exchange (PSE) has made available to investors an initial 3.6 million common shares to cover the firm shares and another 540 million shares covering the greenshoe option at an offer price of P13.50 per piece. About 70 percent of the available shares are to be sold overseas, of which the company earlier said it attracted interest from 11 institution investors.
“The new international and domestic investors join the previously announced 11 renowned, global long-term cornerstone investors in making up Monde Nissin’s initial shareholder base,” the company said.
Monde Nissin expects to list its shares with the PSE on June 1. – Ruelle Castro
