In what will become the country’s largest IPO, three sources familiar with the matter told Reuters on Wednesday, Philippine food producer Monde Nissin Corp won investors commitments for an initial $1 billion public bond (IPO) of P13.50 ($0.28).

The owner of the meat replacement Quorn has banned sales at a maximum price of P 17.50 of up to 3.6 billion primary shares, but Philippine IPOs are seldom priced at their highest prices.

A Monde Nissin spokesperson refused to respond.

“The IPO may be priceled higher by Monde, but in these shoppy markets it was better to put some capital on the table,” said one individual who was not interested to be listed with a fixed price.

The sources said the IPO is supported by over a dozen key investors and several of the biggest wealth managers worldwide.

Despite the fact that local stock markets have dropped by nearly 12 percent this year, the Philippines has a record backwardness with capital market rising in Southeast Asia.

Two source reports have said that Monde Nissin would conclude this week’s deals with its key investors, before officially opening IPO $1 billion books next week.

The Monde Nissin IPO would collect P55.89 billion, or $1.16 billion, for an overallotment option of 15 per cent.

The company is betting on increased demand for both higher priced and market staples.

The iconic local brand Lucky Me! is the one which gives British meat substitute Quorn the stronghold of a balanced food category which Monde Nissin bought for $831 million in 2015. Reuters Reuters

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