Metro Manila (CNN Philippines, March 4) — The company behind popular Filipino food brands Lucky Me! and SkyFlakes, Monde Nissin Corp., has filed for an initial public offering of its shares of stock with the Securities and Exchange Commission to raise up to ₱63 billion.
According to its registration statement, Monde Nissin plans to sell 3.6 billion common shares at P17.50 per share, with an overallotment option of up to 540 million shares.
The Philippine food manufacturer said it will use proceeds from the shares sale for additional capital, loan payments, and general funding.
This may be considered as the largest maiden offering in the country, surpassing Robinsons Retail Holdings Inc.’s 2013 sale of around ₱30 billion.
Monde Nissin tapped UBS AG Singapore Branch, Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited and J.P. Morgan Securities PLC as joint global coordinators for the offer, while BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will be local lead underwriters.
Aside from Lucky Me! and SkyFlakes, Monde Nissin is also known for its other brands Fita and M.Y. San. It acquired UK-based meat substitute producer Quorn Foods for around P38 billion in 2015 in a bid to expand its global presence.
In a statement, Monde Nission noted that “resulting net proceeds are intended to be utilized for the expansion and enhancement of its production and technological capabilities, including its businesses in the U.K. and other key markets.”
“A draft of the preliminary offering circular has been filed with the registration statement for review and approval of the Philippine Securities and Exchange Commission and The Philippine Stock Exchange,” the firm said.
