Monde Nissin in largest IPO bid

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    Food manufacturer Monde Nissin Corp. looks to raise as much as P72.45 billion through the local market by issuing 3.6 billion shares covering the firm shares and another 540 million shares for the greenshoe option, at an offer price of P17.50 per share.

    The company said in its filing for initial public offering, the proceeds will be used to fund capital expenditures (36.8 percent) and redemption of obligations (28.7percent) and percent for repayment of loans from commercial banks (34.6 percent) .

    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.

    About 70 percent of the shares for sale is eyed to be sold overseas.

    Monde Nissin is the maker of Lucky Me! r instant noodles, SkyFlakes, Fita, Nissin and M.Y. San Grahams biscuits, Mama Sita’s culinary aids and Dutch Mill yogurt drinks.