Lucky Me! maker Monde Nissin slates ₱72.5-billion IPO

Monde Nissin Corporation, manufacturer of popular food and beverage products such as Lucky Me! instant noodles and Sky Flakes, is raising up to ₱72.5 billion from its planned initial public offering.

The Securities and Exchange Commission said it has received the registration statement of Monde Nissin Corp. for the IPO of up to 3.6 billion new common shares at an offer price of up to ₱17.50.

It will also have an overallotment option of up to 540 million common shares consisting of secondary shares being sold by shareholder Henry Soesanto.

About 70 percent of the IPO shares will be sold to domestic and international institutional investors, including cornerstone investors, while the remaining 30 percent will be sold through the Philippine Stock Exchange’s trading participants and to local small investors.

Net proceeds from the offer will be used to fund the company’s capital expenditures, the redemption of certain notes, repayment of loans, and for general corporate purposes.

The company has engaged UBS AG Singapore Branch, Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited and J.P. Morgan Securities PLC as joint global coordinators for the offer.

BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will serve as local lead underwriters.

Monde Nissin’s flagship brands include: Lucky Me! for instant noodles, SkyFlakes,Fita, Nissin and M.Y. San Grahams for biscuits, Mama Sita’s for culinary aids and Dutch Mill for yogurt drinks.

According to Nielsen, in 2020, the Group dominated in the Philippine instant noodles segment and had a market share of 68 percent in terms of retail sales value.

In the biscuits segment where the Group had seven brands as of December 31, 2020, the Group ranked first overall, including in the crackers and cookies product groups and had a market share of 30.5 percent in terms of retail sales value in the Philippines in 2020 according to Nielsen.

Virtually all of the Group’s consumer business is branded and comprised of well-recognized and diversified household brands.