Monde Nissin gets SEC’s go-ahead for mammoth P72.4B IPO

Bilyonaryo Betty Ang’s Monde Nissin Corp. received the green light for an initial public offering that could raise as much as P72.45 billion, said to be the country’s biggest listing.

The maker of popular brands Lucky, M.Y. San Grahams, Fita and Sky Flakes, is selling 3.6 billion primary shares at a maximum price of P17.50 apiece.

An additional 540 million shares have been set aside for the over allotment option in case of strong demand.

READ: ACEN investor Arran to exit from Monde Nissin, get nearly a third of P63B IPO

Net proceeds from the offer will be used to fund the company’s capital expenditures amounting to P26.5 billion, largely for the expansion and upgrade of production and technological capabilities including its businesses in the UK and other major markets.

READ: Monde Nissin files for largest IPO in PH history at P63B

The company will also use proceeds for the redemption of P17.3 billion in convertible notes, repayment of P16.78 billion in loans and for general corporate purposes.

UBS, Citi, Credit Suisse are JP Morgan are the joint global coordinators while BDO Capital ,BPI Capital Corp. and First Metro Investment Corp. are the local underwriters.

The IPO is targeted to run from May 17 to 21 while the listing of its shares is set for May 31.

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