Monde Nissin final IPO price at P13.50

MANILA, Philippines — Monde Nissin Corp. has set with finality its initial public offering price at P13.50 per share after earlier saying this was just an indicative price.

This came after the IPO-bound company backpedalled on its May 5 announcement of a final offer price of P13.50.

However, later in the day, Monde Nissin said P13.50 was indeed its final offer price.

“Please be advised that the final offer price for the IPO of Monde Nissin’s common shares is P13.50 per common share,” it said in its latest disclosure.

The P13.50 is lower than the price stated in the registration statement of up to P17.50 per share.

Monde Nissin is looking to raise up to P55.9 billion from its planned IPO at P13.50 per share, which is also below the earlier estimated proceeds of P72.4 billion which was based on the P17.50 price.

The company will be offering 3.6 billion primary shares and up to 540 million over-allotment option shares.

Proceeds would be used for repayment of loans to commercial banks and to fund capital expenditures, it said in its registration statement.

It would also be used to expand the different segments of its 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 in a statement after obtaining the regulatory approvals for its planned market debut.

The offer period for Monde Nissin’s IPO is scheduled from May 24 to 28.

Monde Nissin tapped UBS AG Singapore Branch, Citigroup Global Markets Ltd. and J.P. Morgan Securities PLC as joint global coordinators for the IPO, while Credit Suisse (Singapore) Ltd. will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Ltd. and Macquarie Capital Securities (Singapore) Pte. Ltd.

The company also hired BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. as local lead underwriters. China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. were also engaged as domestic co-lead underwriters.

Monde Nissin’s IPO, much awaited for years by stock market investors, will be the second company to list this year after tycoon Edgar “Injap” Sia II’s DDMP REIT last March.