Metro Manila (CNN Philippines, June 1) — After its successful maiden offering, Monde Nissin finally began trading on the local bourse on Tuesday.
This comes after the company behind popular Filipino brands Lucky Me! and Skyflakes completed its initial public offering — the largest in Philippine history.
Monde Nissin raised up to ₱48.6 billion after selling 3.6 billion of its common shares for ₱13.50 apiece, making the listing also the biggest in Southeast Asia’s food and beverage segment on record as reported by CNN Business.
The food manufacturing giant also said its “international and domestic book building process was multiple times oversubscribed.”
However, Monde Nissin shares closed at ₱13.48 on Tuesday – down 0.15% from its intended price.
Finance Secretary Carlos Dominguez III welcomed the historic offering, calling it a testament to the global investor community’s confidence in the national economy’s recovery prospects from COVID-19.
“Monde Nissin’s landmark transaction sends a clear message that our economy will soon regain its momentum and will bounce back stronger than ever,” the secretary said.
Dominguez also said they expect the food manufacturing giant to further scale up its business, and come up with more job opportunities for Filipinos with its IPO proceeds.
Monde Nissin chief executive Henry Soesanto, meanwhile, considered this a “milestone moment” for the company, as it ramps up its commitment to create “sustainable” food security solutions and improve the well-being of the world and its people.
“We begin life as a public company with significant momentum. Our Quorn and Asia-Pacific Branded Food and Beverage businesses are performing well and are poised to capture the tremendous market opportunities that lie ahead,” Soesanto said.
The Monde Nissin big boss added that Quorn — a United Kingdom-based meat substitute manufacturing company — is at the “forefront” of the global pivot towards “sustainably produced food for health and environmentally conscious consumers.”
Given the firm’s successful offering, Dominguez said he looks forward to “more blockbuster offerings” in the local bourse.
