The Securities and Exchange Commission (SEC) has approved the P72.45 billion initial public offering (IPO) plans of food manufacturer Monde Nissin Corp.
The company is looking to sell 3.6 billion shares covering the firm shares and another 540 million shares for the greenshoe option, at an offer price of up to P17.50 per share.
The SEC said it approved Monde Nissin’s IPO “subject to the company’s compliance with certain remaining requirements.”
Monde Nissin expects to net about P60.61 billion from the primary offer, which it said will be used for capital expenditures (P26.52 billion), redemption of a convertible note (P17.31 billion), and repayment of loans (P16.78 billion).
Monde Nissin is the food manufacturer behind the brands 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.
Monde Nissin eyes to have the public offer between May 17, 2021 and May 21, 2021. Listing is tentatively eyed May 31, 2021.
UBS AG Singapore Branch, Citigroup Global Markets Ltd. and J.P. Morgan Securities PLC will serve as joint global coordinators for the IPO, while Credit Suisse (Singapore) Ltd. will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Ltd. and Macquarie Capital Securities (Singapore) Pte. Ltd. .
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 Corp. and SB Capital Investment Corp. were also engaged as domestic co-lead underwriters. – Ruelle Castro
