SEC okays Monde Nissin’s ₱72.45-B IPO

The Securities and Exchange Commission has approved the planned ₱72.45 billion initial public offering of food and beverage manufacturer Monde Nissin Corporation.

In its April 20 meeting, the Commission En Banc resolved to render effective the registration statement of Monde Nissin covering 17.97 billion common shares to be listed and traded on the Main Board of the Philippine Stock Exchange (PSE), subject to the company’s compliance with certain remaining requirements.

The registration statement covers 3.6 billion common shares, which shall comprise the primary offer priced up to ₱17.50 per share. The offer comes with an overallotment option comprising up to 540 million existing common shares.

At the maximum price, the company will raise ₱63 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 ₱72.45 billion.

Monde Nissin expects to net about ₱60.61 billion from the primary offer. The proceeds will be used for capital expenditures (₱26.52 billion), redemption of a convertible note (₱17.31 billion), and repayment of loans (₱16.78 billion).

Monde Nissin is the manufacturer behind the popular food brands LuckyMe!, SkyFlakes, Fita, Mama Sita’s, and Dutch Mill, among others.

It 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.

Based on its latest submissions to the SEC, Monde Nissin 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) Limited will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte. Limited.

BDO Capital & 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 Corp. were also engaged as domestic co-lead underwriters.