SEC clears Monde Nissin’s ₱72.45 billion IPO, largest maiden offering in PH history

The Securities and Exchange Commission (SEC) has cleared the ₱72.45-billion initial public offering (IPO) planned by food manufacturing giant Monde Nissin Corp; potentially the largest maiden offering in the history of the local stock market.

Monde Nissin Corp. is the company behind iconic brands Lucky Me! noodles, Skyflakes crackers, Fita crackers, Monde baked goods, Quorn meat-free products, M.Y. San Grahams, Mama Sita’s, and Dutch Mill.

Monde Nissin Corp. was authorized to sell as much as 3.6 billion common shares at a maximum price of ₱17.50 a share, with an overallotment option of up to 540 million secondary common shares. The company aims to run the public offering from May 17-21 and list on the Philippine Stock Exchange (PSE) on May 31, pending their approval.

The company’s biggest shareholders: Hartono Kweefanus, the Indonesian chair emeritus with a 29.33% stake, Betty Ang, the Filipino president and director with 22.73%, Henry Soesanto with 12.63%, and My Crackers has 8.55%.

Following the offering, the company plans to complete a new manufacturing facility in Malvar, Batangas province, invest in a healthy noodles line, venture into the alternative meat business, and operational efficiency initiatives.

According to marketing research firm Nielsen, Monde Nissin currently holds 68% of the country’s local market share of instant noodles and 30% of the biscuit share. The company is the leader in both categories.

SOURCE: Inquirer