Monde Nissin IPO reset to June 1, attracts 11 cornerstone investors

MANILA, Philippines — Monde Nissin Corp. has secured 11 cornerstone investors for its $1.15 billion (P55.9 billion) initial public offering now set on June 1, earlier than the previously announced listing date of June 7.

The cornerstone investors are the “who’s who in the global investment world” and have taken up $700 million of the $1.15-billion transaction, a testament to the strong confidence in the company’s growth prospects, a source involved in the deal told The STAR.

The investors are AIA Investment Management Private Limited, Stichting Depositary APG Emerging Markets Equity Pool, Avanda Investment Management Pte. Ltd., The Capital Group Funds, Eastspring Investments (Singapore) Limited, FIL Investment Management (Hong Kong) Limited, GIC Private Limited, Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Limited, NS Partners Ltd and RWC Asset Advisors (US) LLC.

Monde Nissin CEO Henry Soesanto said they are pleased that the global investors share the company’s vision of the future and will cornerstone the IPO.

“Their commitment is a strong vote of confidence in our company, strategy, and talented team,” he said.

Monde Nissin’s IPO is priced at P13.50 per share in a landmark offering comprising 3.6 billion common shares with an over-allotment option of a further 540 million common shares.

Touted as a landmark deal for the Philippines and Southeast Asia, Monde Nissin’s public listing is the largest ever IPO on the Philippine Stock Exchange and is also the largest ever food and  beverage IPO in Southeast Asia.

Moving forward, Soesanto said the company is gearing for further growth for both its food and beverage and meat alternatives businesses.

“We are excited about the opportunities that lie ahead as we accelerate our growth plans for our meat alternative business Quorn, which is a global player in the transformation of sustainably produced healthier food, and extend our leadership position in the Asia-Pacific food and beverage business through continued innovation and constant dialogue with our consumers,” Soesanto said.

The offer period for Philippines-based trading participants and retail investors commenced yesterday and will run up to May 25.

Monde Nissin’s common shares are expected to begin trading on the main board of the PSE on June 1 under the stock symbol “MONDE.”