Shares of food maker Monde Nissin Corp. began trading on the Philippine Stock Exchange (PSE) on Tuesday after its completion of an initial public offering (IPO), deemed as the largest in the country’s history.
Monde Nissin bets on meat alternatives after record $1 billion Philippine IPO
By Neil Jerome Morales and Anshuman Daga
Reuters
MANILA (Reuters) -Philippine food maker Monde Nissin Corp is pinning its future on the fast-growing alternative meats business on the back of a 48.6 billion pesos ($1 billion) initial public offering (IPO), which marked the country s largest-ever listing.
On its market debut on Tuesday, the family-controlled company s shares ended trading at 13.48 pesos versus the 13.50 pesos IPO price. The issue was Southeast Asia s second-largest this year after the $1.8 billion IPO of Thailand s PTT Oil and Retail Business.
The four decade-old group s market leading position in the Philippines, with its ubiquitous Lucky Me! instant noodles and SkyFlakes biscuits, has propelled the family behind the conglomerate to the ranks of the richest in the Philippines.
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