MANILA, Philippines — Snacks food giant Monde Nissin Corp. has set its initial public offering price at P13.50 per share, lower than the earlier announced maximum price of P17.50 apiece.
In a disclosure yesterday, Monde Nissin said the price was set upon the recommendation and after consultation with the joint global coordinators and joint bookrunners.
It was also the pricing indication from high quality long only investors, industry sources said.
Monde Nissin is looking to list on June 7 to raise up to P55.9 billion from the IPO.
The company will be offering 3.6 billion primary shares and upto 540 million over-allotment option shares.
Proceeds will be used to fund capital expenditures, and for the redemption of the Arran convertible note and repayment of loans to commercial banks.
Other proceeds will be used to expand the different segments of the company’s business, its Asia-Pacific food and beverage in the Philippines, its crackers and baked goods business in the Philippines and the alternative meat business.
“We combine the stability of our Asia-Pacific food and beverage business and the strong positions that our noodles, crackers and baked goods have in the Philippines with the exciting growth opportunities from Quorn, which is poised to build on its loyal customers and expand its reach and product offerings to compete and win in the rapidly growing global meat alternatives market,” Monde Nissin said after obtaining regulatory approvals for its planned market debut.
“We are excited about the prospect of becoming a global public company and believe that Monde Nissin provides a compelling investment opportunity,” the company said.
The offer period of Monde Nissin is scheduled on May 24 to 28.