The Securities and Exchange Commission (SEC) received Thursday the application nof Monde Nissin Corp. for its initial public offering (IPO) covering up to 3.6 billion common shares at an offer price of up to P17.50 per share, with an over-allotment option of up to 540 million common shares.
Monde Nissin can generate up to P63 billion from the IPO, excluding proceeds from the exercise of an over-allotment option of up to 15 percent of the offer shares.
If it pushes through, the IPO of Monde Nissin will be the first public shares offering this year. The IPO can also boost investor confidence towards the Philippine stocks as the Philippine Stock Exchange Index (PSEi) dropped to as low as 4,000 points during the onset of the coronavirus disease 2019 pandemic in the first quarter of last year. The PSEi has since recovered and reached as high as 7,000 points in the current year.
In a statement, the SEC said net proceeds from the offer will be used to fund the company’s capital expenditures, the redemption of certain notes, repayment of loans, and for general corporate purposes.
These are intended to be utilized for the expansion and enhancement of its production and technological capabilities, including its businesses in the United Kingdom and other key markets, the company said in a separate statement.
The company engaged UBS AG Singapore Branch, Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited and J.P. Morgan Securities PLC as joint global coordinators for the offer.
BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation will serve as local lead underwriters. SOVEREIGNPH