The Securities and Exchange Commission (SEC) has approved the P72.45-billion initial public offering (IPO) of Monde Nissin Corp., the maker of Lucky Me! Noodles, SkyFlakes biscuits, and other snacks.
The SEC has greenlighted Monde Nissin’s registration statement which covers some 17.96 billion common shares to be listed and traded on the main board of the Philippine Stock Exchange.
The registration statement covers 3.6 billion common shares, comprising the primary offer priced up to P17.50 per share and an overallotment option comprising up to 540,000,000 existing common shares.
The said overallotment option shares will mainly come from the holdings of Indonesian Henry Soesanto, the company’s chief executive.
Assuming that the overallotment option is fully exercised, the total gross proceeds could reach as much as P72.45 billion, which would become the largest IPO ever in the country.
Proceeds will be used for capital expenditures at P26.52 billion, redemption of a convertible note at P17.31 billion and repayment of loans P16.78 billion.
Monde Nissin said in its registration papers that it will run the public offering from May 17 to 21, and list on the PSE on May 31.
UBS AG Singapore Branch, Citigroup Global Markets Limited 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 Limited and Macquarie Capital Securities (Singapore) Pte. Limited.
BDO Capital and 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.
Some 70 percent of the share sale will be offered to institutional investors overseas and the rest to the domestic market. The company is about 70 percent owned by Indonesian investors and the rest by Betty Ang, the company’s president.
Main shareholders of the company before the IPO includes Ang, who owns 22.73 percent of the company, Indonesians Hartono Kweefanus with 29.33 percent ownership and Soesanto with 12.63 percent.
Ang is married to Hoediono Kweefanus, Hartono’s brother who owns 6.6 percent of the company.
Soesanto, meanwhile, is the husband of Hoediono’s sister, Monica Darmono, the company’s treasurer, who owns 5.33 percent.
Monde Nissin operates two core businesses known as the Asia-Pacific branded food and beverage business, which consists of instant noodles, biscuits, and other products; and the meat alternative business.
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