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WORLD NISSIN CORP., The creator of Lucky Me! instant noodles, Thursday to bedirected for an initial audience orff(IPO) to raise up to P63 billion ($ 1.3 billion), which could be the largest to beSale of shares for the first time.
Based on your preliminary prospectus to beLed with the Securities and Exchange Commission (SEC), the Philippine food manufacturer plans to sell up to 3.6 billion shares at a maximum price of P17.50 each.
At $ 1.3 billion, the stock sale would be the nation’s largest IPO to date, according to data compiled by Bloomberg.
“The total revenue the company will raise from the sale of the primary offering shares will amount to approximately P63 billion,” Monde Nissin said. Net income is estimated at P60.4 billion.
If you fully exercise the overallotment option of up to 540 million additional shares, Monde Nissin can raise up to P72.5 billion from the IPO.
The food manufacturer said it would use the proceeds for its capital expenditures, loan repayments and other general corporate purposes.
Monde Nissin is known for making Lucky Me! instant noodles, SkyFlakes and Nissin cookies, Dutch Mill yogurt drink and Mama Sita oyster sauce. In 2020, the company’s sales of instant noodles, cookies, yogurt drinks and oyster sauce accounted for 68%, 30.5%, 73.2% and 56% of the market share of Philippine retail sales, according to Nielsen data.
Despite the pandemic, Monde Nissin’s net sales increased 3.8% to P67.94 billion in 2020, from P65.45 billion in 2019. This was driven by a 5% increase in sales of noodles and beverages. in the Asia-Pacific region. which offset a 1% drop in sales of meat alternatives.
This raised the company’s net income by 21.3% to P8.07 billion in 2020 from P6.649 billion in the previous year.
“The group believes that it is well positioned to continue to pursue growth opportunities presented by the resilient Philippine market with favorable consumption patterns and demographics including a young population, increased domestic consumption (as a result, among others, of an increase in disposable income) and urbanization, ”Monde Nissin said at the presentation.
The company also owns Quorn Foods, which produces meat alternatives. It acquired the British company behind Quorn in 2015.
“The Group believes that traditional protein production is not sustainable and that it could help address food safety and human health by increasing Quorn production to reach a wider consumer base,” said Monde Nissin.
UBS Group AG, Citigroup, Inc., Credit Suisse Group AG and JPMorgan Chase & Co. have been selected as joint global coordinators and joint bookrunners for the offering.
The company named BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. as local top underwriters. – KCGV with Bloomberg
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