SEC clears Monde Nissin's P72.45-billion IPO

The Securities and Exchange Commission (SEC) on Tuesday, April 20, cleared the P72.45-billion ($1.5-billion) initial public offering (IPO) of Monde Nissin Corporation.

The snacks and noodles maker aims to offer 3.6 billion common shares priced at P17.50 apiece.

The offer also comes with an overallotment option comprising up to 540 million common shares.

At the maximum price, Monde Nissin would raise P63 billion in total gross proceeds from the primary offer alone. Assuming that the overallotment option is fully exercised, the total gross proceeds could reach as much as P72.45 billion, making it the Philippines' largest IPO ever.

Monde Nissin expects to raise P60.6 billion from the primary offer.

Of the amount, the company will use P26.5 billion for capital expenditures, P17.3 billion for the redemption of a convertible note, and P16.8 billion for repayment of loans.

Monde Nissin aims to run the public offering from May 17 to 21 and list on the Philippine Stock Exchange on May 31.

UBS AG Singapore Branch, Citigroup Global Markets Limited, and JP Morgan Securities PLC will serve as joint global coordinators for the IPO.

Credit Suisse (Singapore) Limited will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte Limited.

BDO Capital and Investment Corporation, BPI Capital Corporation, and First Metro Investment Corporation will serve as local lead underwriters. China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation were also engaged as domestic co-lead underwriters.

Monde Nissin is known for its products like instant noodles under the Lucky Me! brand, as well as baked goods and biscuits under the Monde, Nissin, Voice, and Bingo brands. Its affiliations include MY San biscuits, Mama Sita, and Dutch Mill milk, yogurt, and real fruit juice. – Rappler.com

$1 = P48.32

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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