Monde Nissin Corp., the maker of Lucky Me! instant noodles and SkyFlakes biscuits, on Wednesday said it has secured international and domestic cornerstone investors for its record-breaking initial public offering (IPO).
The cornerstone investors are AIA Investment Management Private Limited, Stichting Depositary APG Emerging Markets Equity Pool, Avanda Investment Management Pte. Ltd., The Capital Group Funds, Eastspring Investments (Singapore) Ltd., FIL Investment Management (Hong Kong) Ltd, GIC Private Ltd, Goldman Sachs Asset Management (Singapore) Pte. Ltd., M and G Investment Management Ltd., NS Partners Ltd and RWC Asset Advisors (US) LLC.
Eduardo V. Francisco, president of BDO Capital and Invest Corp., one of the local underwriters, said they were also able to secure local cornerstone investors.
“Their commitment is a strong vote of confidence in our company, strategy and talented team. We are excited about the opportunities that lie ahead as we accelerate our growth plans for our meat alternative business Quorn, which is a global player in the transformation of sustainably produced healthier food, and extend our leadership position in the Asia-Pacific Food and Beverage business through continued innovation and constant dialogue with our consumers,” Henry Soesanto, Monde Nissin’s CEO said.
The company’s IPO consists of 3.6 billion common shares and an overallotment option of 540 million common shares to be sold at P13.50 apiece, a step-down from the P17.50 maximum offer price it announced previously.
At P13.50 per share, however, the company will still raise some P55.9 billion in proceeds, the largest ever IPO in the country. The deal is also the largest ever food and beverage IPO in Southeast Asia. Some 57 percent of the proceeds will be used to fund the company’s capital expenditures, 29 percent will be used to redeem convertible notes it gave to Arran Investment while the rest will be used for the repayment of loans.
In April 2019, the company issued convertible notes in favor of Arran Investment at an issue price of P9.1 billion. The said notes are convertible into common shares of the company representing approximately 6.44 percent of the total issued and outstanding capital stock of the company on a fully-diluted basis.
The domestic offer period for its IPO started on Wednesday through May 25, while listing on the Philippine Stock Exchange will be on June 1 under the stock symbol MONDE.