Monde Nissin prices IPO at P13.50 a share

Food manufacturer Monde Nissin Corp. set the final price of its planned initial public offering at P13.50 per share, which will enable it to raise up to P55.89 billion in fresh capital.

The final price is 23 percent lower than the maximum offer price of P17.50 initially disclosed by the company. Despite the price adjustment, Monde Nissin’s maiden share offering will still be the country’s largest IPO.

Monde Nissin is offering 3.6 billion in common shares, with an overallotment option for another 540 million shares. The offer period will be from May 24, 2021 to May 28, 2021. The shares will be listed on the main board of the Philippine Stock Exchange on June 7, 2021.

Sources said Monde Nissin attracted several foreign cornerstone investors who expressed willingness to invest in the company at P13.50 each.

Net proceeds from the sale of primary shares will be used for capital expenditures, redemption of convertible notes and repayment of loans.