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Monde Nissin files for up to P63-billion IPO in 'largest ever listing'

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Neil Jerome Morales and Anshuman Daga, Reuters

<p>MANILA - Monde Nissin Corp, maker of ubiquitous Lucky Me! instant noodles, on Thursday filed for an up to P63 billion ($1.3 billion) initial public offering (IPO), in what is set to be the country&#x27;s largest-ever listing.</p><p>The filing comes as the Philippines, a historical laggard in Southeast Asia in terms of fundraising and market activity, is shaping up to be the region&#x27;s biggest IPO market this year. </p><p>The owner of meat alternative Quorn is seeking regulatory approval to sell as many as 3.6 billion primary shares at a maximum price of 17.50 pesos ($0.3605) each, regulatory filing documents showed. It can sell up to 540 million more shares through an over-allotment option.</p><p>In Philippine filings, IPO prices are typically set far above final selling prices.</p><p>At the filing price, the IPO would surpass the record $627 million raised in the 2013 maiden share sale of Robinsons Retail Holdings Inc RRHI.PS.</p><p>Monde Nissin is banking on growing demand for both consumer staples and higher-value products. Lucky Me! is an iconic brand in the Philippines while British meat substitute Quorn, bought in 2015 for $831 million, gives the firm a foothold in the healthy food category.</p><p>Investors and bankers said consumer retailers and REITs are lining up fundraising deals in the Philippines that could top $4 billion in 2021, more than the country&#x27;s combined tally of the last seven years, Refinitiv data showed. </p><p>Only three firms debuted on the Philippine Stock Exchange last year, raising a combined 44.3 billion pesos ($912 million). </p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1632601" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Monde Nissin Corp, maker of ubiquitous Lucky Me! instant noodles, on Thursday filed for an up to P63 billion ($1.3 billion) initial public offering (IPO), in what is set to be the country's largest-ever listing.</p>

Monde Nissin Corp, maker of ubiquitous Lucky Me! instant noodles, on Thursday filed for an up to P63 billion ($1.3 billion) initial public offering (IPO), in what is set to be the country's largest-ever listing.

Monde Nissin files for up to P63-billion IPO in 'largest ever listing'

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Monde Nissin files for up to P63-billion IPO in 'largest ever listing'

Neil Jerome Morales and Anshuman Daga,

Reuters

Published March 04, 2021 04:29 PM PHT

Read More:

Monde Nissin

IPO

stocks

investments

PSE

stock listing

Lucky Me

instant pancit canton

food

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