MANILA, Philippines - Snackfood maker Liwayway Holdings Co. Ltd. is planning an initial public offering (IPO) in Hong Kong next year, banking sources said.
“It will be in Hong Kong but we’re still not sure if the IPO would push through given market volatility,” the source said.
According to The Philippine STAR columnist Jarius Bondoc, Liwayway founder Carlos Chan and son Larry met with potential underwriters in Hong Kong last month, which include Bank of China and HSBC.
“We have a platform to branch out into related fields,” Larry Chan was quoted as saying.
“To do that we need new resources,” Carlos Chan said.
The IPO, if it pushes through, will coincide with Liwayway’s 70th year of existence.
Liwayway was founded by Chan’s parents in 1946.
Bloomberg said the IPO could fetch as much as $200 million.
According to the company’s website, Oishi has over 100 varieties of snack foods and confectionery products and is one of the leading national brands in the industry.
Its founder is an entrepreneur “who has drawn inspiration from the small entrepreneurs across Asia who do business aggressively as they seek their own fortunes.”
“Liwayway prides itself as an Asian company,” the company said.
The company currently has factories in different areas in China such as Harbin, Hubei, Zhengzhou, Suzhou, Xuzhou, Kunming, Jiangxi and Xinjiang.