MONDE Nissin Corp. stated its initial public offering (IPO) of 3.6 billion common shares with a 540 million common share overallotment option drew “overwhelming demand” from investors both domestic and foreign, “resulting in a multiple-times oversubscribed international and domestic book building process.”
“The remarkable degree of interest from a diverse group of foreign and local investors demonstrates the world-class business we have developed and the huge development potential that lie ahead,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Wednesday.
His remarks come less than a week after the company announced the acquisition of 11 long-term global cornerstone investors, including AIA Investment Management Private Ltd., Avanda Investment Management Pte. Ltd., Eastspring Investments (Singapore) Ltd., FIL Investment Management (Hong Kong) Ltd., GIC Private Ltd., Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Ltd., and NS Pa.
Monde Nissin intends to raise P55.9 billion from its initial public offering, which will be priced at P13.50 a share. The business intends to utilize the proceeds from the main offering to fund capital expenditures, the redemption of the Arran Convertible Note, and the repayment of bank debt.
The maker of Lucky! Me noodles said that it intends to continue developing its culinary offerings.
“Through innovation and investment in technology, we plan to remain ahead of customer demand for healthier, more tasty food,” Mr. Soesanto said.
“The merger of our Quorn and Asia-Pacific branded food and beverage businesses enables us to pursue our goal of food safety and security,” he said.
Monde Nissin’s shares will be listed on the Philippine Stock Exchange under the ticker code “MONDE” and are slated to begin trading on June 1.