Monde Nissin’s P72-B IPO gets SEC approval

THE Securities and Exchange Commission has cleared the P72.45-billion initial public offering (IPO) of food manufacturer Monde Nissin Corp.

The commission on Tuesday said it resolved to render effective the company’s registration statement covering 17.97 billion common shares, which would be listed on the main board of the Philippine Stock Exchange.

Monde Nissin’s primary offer comprises of 3.6 billion common shares, with an overallotment option of up to 540 million existing common shares, priced at up to P17.50 per share.

Monde Nissin eyes to net around P60.61 billion from the primary offer, which would be used for capital expenditures at P26.52 billion, redemption of a convertible note at P17.31 billion and repayment of loans at P16.78 billion.

The company looks to run the public offering from May 17 to 21 and list on the stock exchange on May 31.

UBS AG Singapore Branch,

Citigroup Global Markets Ltd. and J.P. Morgan Securities PLC would serve as joint global coordinators for the transaction, while Credit Suisse (Singapore) Ltd. would be the joint international bookrunner, along with international co-bookrunners Jefferies Singapore Ltd. and Macquarie Capital Securities (Singapore) Pte. Ltd.

Meanwhile, BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. would act as local lead underwriters.

China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. were also tapped as domestic co-lead underwriters.

Monde Nissin manufactures food products under the brands SkyFlakes, Fita, Mama Sita’s and Dutch Mill.

It operates two core businesses. The Asia-Pacific Branded Food and Beverage Business, consisting of instant noodles, biscuits and other products, and the Meat Alternative Business.