MONDE Nissin Corp. said its initial public offering (IPO) of 3.6 billion common shares with an overallotment option of 540 million common shares saw “overwhelming interest” from investors at home and abroad, “resulting in an international and domestic book building process that was multiple times oversubscribed.”
“The extraordinary level of interest that we received from a broad range of international and domestic investors is a testament to the world-class company that we have built and the significant growth opportunities that lie ahead,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Wednesday.
His statement comes a week after the company announced that it had secured 11 long-term global cornerstone investors, namely: AIA Investment Management Private Ltd., Avanda Investment Management Pte. Ltd., Eastspring Investments (Singapore) Ltd., FIL Investment Management (Hong Kong) Ltd., GIC Private Ltd., Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Ltd., NS Partners Ltd., RWC Asset Advisors (US) LLC, Stichting Depositary APG Emerging Markets Equity Pool, and The Capital Group Funds.
With shares priced at P13.50 apiece, Monde Nissin expects to generate P55.9 billion from its IPO. The company aims to use the proceeds from the primary offer to finance its capital expenditures, the redemption of the Arran Convertible Note, and to pay for bank loans.
The Lucky! Me noodles manufacturer said it aims to further develop its food products.
“We intend to stay ahead of consumer demands through innovation and investment in technology to provide healthier and more delicious food,” Mr. Soesanto said.
“Our Quorn and Asia-Pacific branded food and beverage businesses are a powerful combination to advance our mission of food safety and food security,” he added.
Shares in Monde Nissin will be listed under the ticker symbol “MONDE” at the Philippine Stock Exchange and is expected to begin trading on June 1. — Keren Concepcion G. Valmonte