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Published May 26, 2021, 3:58 PM
Food and beverage firm Monde Nissin Corporation announced that its P54.89 billion initial public offering has been “multiple” times oversubscribed.
The firm offered 3.6 billion of its common shares at P13.50, with an over allotment option of a further 540 million shares granted by the Selling Shareholder.
“The Offering received overwhelming interest from global institutional investors and long-only funds, as well as strong demand from Philippines-based investors, resulting in an international and domestic book building process that was multiple times oversubscribed,” Monde Nissin said without providing figure.
The IPO is the largest ever on the Philippines Stock Exchange and the largest food and beverage IPO in Southeast Asia.
With the lower offering price, the offering size is now at a maximum of P55.89 compared to the P72.45 billion it would have raised at its earlier indicated price.
Monde Nissin Corporation is offering 3.6 billion primary shares and up to 540 million over-allotment option shares.
The offer period of Monde Nissin is scheduled on May 24 to 28, 2021 while its tentative listing date is on June 7, 2021.
The IPO proceeds will be used for capital expenditures, redemption of a convertible note, and repayment of loans.
Monde Nissin is the manufacturer behind the popular food brands LuckyMe!, SkyFlakes, Fita, Mama Sita’s, and Dutch Mill, among others.