Monde Nissin Corp. on Wednesday said it has completed the offer period for its initial public offering (IPO), which the company said was oversubscribed.
The company, which manufactures Lucky Me! noodles and now fully owns the biscuit brand SkyFlakes, said it received “overwhelming interest” from global institutional investors and long-only funds, as well as strong demand from domestic investors.
“The extraordinary level of interest that we received from a broad range of international and domestic investors is a testament to the world-class company that we have built and the significant growth opportunities that lie ahead,” Henry Soesanto, the company’s CEO, said.
“Our Quorn and Asia-Pacific Branded Food and Beverage businesses are a powerful combination to advance our mission of food safety and food security. Quorn is a leading player in the fast-growing global meat alternatives segment with a loyal customer following and a defining set of healthy sustainable products.”
Soesanto also said the company’s Asia-Pacific Branded Food and Beverage business is widely recognized for its leadership positions across each of its core segments. “We intend to stay ahead of consumer demands through innovation and investment in technology to provide healthier and more delicious food.”
The company said it raised some P48.6 billion from its primary offering of 3.6 billion shares at P13.50 apiece. It also has an overallotment option of 540 million common shares, which is mainly owned by Soesanto.
In total the company is expected to raise some P55.9 billion in proceeds.
The company also said it secured 11 cornerstone investors for its IPO including 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.
The IPO is the largest ever on the Philippine Stock Exchange and the largest food and beverage IPO in Southeast Asia.
Monde Nissin expects to commence trading on the PSE under the ticker symbol “MONDE” on June 1.
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 and the rest will be used for the repayment of loans.
UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities plc served as joint global coordinators and joint bookrunners for the offering.
BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. were the local lead underwriters and joint bookrunners. Credit Suisse (Singapore) Limited served as the joint international bookrunner. Macquarie Capital Securities (Singapore) Pte. Limited and Jefferies Singapore Limited served as the international co-bookrunners. China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. were the domestic co-lead underwriters.
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