now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Treasury & Capital Markets
Philippines’ largest IPO ends flat in debut trading
Instant noodle maker Monde Nissin attracts 11 cornerstone investors in offering
The Asset 2 Jun 2021

Monde Nissin Corporation, which raised the largest initial public offering (IPO) in Philippine capital markets’ history amounting to 48.6 billion pesos (US$1.02 billion), had a lukewarm trading debut on June 1, closing at 13.48 pesos per share, compared with its offer price of 13.50 pesos each.

It was the most actively traded stock at the Philippine Stock Exchange (PSE) with about 238.44 million shares changing hands valued at over 3.21 billion pesos. The share hit an intra-day high of 13.56 pesos, falling to a low of 13.46 pesos.

The company, maker of the popular Lucky Me! instant noodles, sold 3.6 billion shares, with an over-allotment option of 540 million. The IPO’s international and domestic bookbuilding process was multiple times oversubscribed and it attracted 11 cornerstone investors. These include GIC Private Limited, AIA Investment Management, Stichting Depositary APG Emerging Markets Equity Pool, Avanda Investment Management, Eastspring Investments (Singapore), Capital Group, FIL Investment Management (Hong Kong), Goldman Sachs Asset Management (Singapore), M&G Investment Management, NS Partners and RWC Asset Advisors US.

UBS, Citi and J.P. Morgan were the joint global coordinators and bookrunners for the deal, while BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation were the domestic lead underwriters and bookrunners. Credit Suisse acted as a joint international bookrunner, while Jefferies Singapore and Macquarie Capital Securities (Singapore) were the international co-bookrunner.

The domestic co-lead underwriters were China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corporation

In a filing with the PSE on June 1, Monde Nissin CEO Henry Soesanto says the company’s Quorn and Asia-Pacific branded food and beverage businesses are performing well and are poised to capture the tremendous market opportunities that lie ahead.

He adds: “As a recognized leader in the meat alternatives industry, Quorn is at the forefront of the global shift towards sustainably produced food for health- and environmentally-conscious consumers. We also benefit from our market leading positions across the core segments of our Asia-Pacific branded food and beverage business. Our proven ability to advance our products by leveraging innovation and investments in technology to provide healthier and more delicious food allows us to stay ahead of evolving consumer demands and strengthens our ability to expand into new markets.”

Monde Nissin acquired the UK-based meat substitute producer Quorn in 2015 for 550 million sterling (US$775 million) as part of its strategy to build its global branded food business.

Conversation
Donald Chan
Donald Chan
managing director, Asia Pacific
CDP
- JOINED THE EVENT -
6th ESG Summit
Beyond the hype
View Highlights
Conversation
Jennifer Lee
Jennifer Lee
managing director, head of large corporate, institutional banking group
DBS Hong Kong
- JOINED THE EVENT -
Exclusive roundtable
Unlocking the potential of sustainable supply chains
View Highlights