By Keren Concepcion G. Valmonte
MONDE Nissin Corp. has secured “overwhelming commitments” from cornerstone investors for its P55.9-billion initial public offering (IPO), it said on Wednesday on what it called a “strong vote of confidence.”
“We are pleased that these world-class investors share our vision of the future and will cornerstone our IPO. Their commitment is a strong vote of confidence in our company, strategy and talented team,” Henry Soesanto, chief executive officer of Monde Nissin, said in a statement.
The cornerstone investors for the listing include AIA Investment Management Private Ltd., Avanda Investment Management Pte. Ltd., Eastspring Investments (Singapore) Ltd., FIL Investment Management (Hong Kong) Ltd., and GIC Private Ltd.
Goldman Sachs Asset Management (Singapore) Pte. Ltd., M&G Investment Management Ltd., NS Partners Ltd., RWC Asset Advisors (US) LLC, Stichting Depositary APG Emerging Markets Equity Pool, and The Capital Group Funds are also part of the list.
“There was very strong demand from local and foreign institutional investors during the book-build. We cannot say the number, but with the book several times oversubscribed, Monde Nissin secured several renowned cornerstone investors,” BDO Capital & Investment Corp. President Eduardo V. Francisco said during the company’s IPO briefing on Wednesday.
Mr. Francisco added that there are also several local cornerstones that are not yet named.
“This may show the conviction that some investors have on the company’s management team as well as their growth plans over the long term, both locally and abroad,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.
Monde Nissin also announced that the Securities and Exchange Commission issued the order of registration and permit to sell for the IPO. Its listing consists of 3.6 billion common shares priced at P13.50 apiece, with an overallotment option of 540 million common shares.
The company’s shares are slated to list and begin trading on the main board of the Philippine Stock Exchange (PSE) under the stock symbol “MONDE” on June 1, earlier than the initial June 7 schedule.
Monde Nissin is expected to net P55.9 billion in proceeds, which it will use to fund its capital expenditures, the redemption of its Arran Convertible Note, and the repayment of bank loans.
For Philippine-based trading participants, the offer period was set to run from May 19 to May 25.
BDO Capital, First Metro Investment Corp., and BPI Capital Corp. were assigned as the local lead underwriters and joint bookrunners for the transaction.
UBS AG Singapore Branch, Citigroup Global Markets Ltd., and JPMorgan Securities Plc. were tapped as joint global coordinators and joint bookrunners.
Credit Suisse (Singapore) Ltd. is a joint international bookrunner. Macquarie Capital Securities (Singapore) Pte. Ltd. and Jefferies Singapore Ltd. are international bookrunners.
China Bank Capital Corp., PNB Capital and Investment Corp., and SB Capital Investment Corp. are tagged as the domestic co-lead underwriters.
“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,” Mr. Soesanto said.
Monde Nissin through its Quorn Foods brand is ramping up expansion plans in the US and is eyeing further market penetration via quick-service restaurants.