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MANILA (Reuters) – Filipino Monde Nissin, creator of the ubiquitous Lucky Me! instant noodles, presented on Thursday an initial public offering of up to 63 billion pesos ($ 1.3 billion), in what is expected to be the largest price in the history of the country.
The presentation comes as the Philippines, a historic laggard in Southeast Asia in terms of fundraising and market activity, is shaping up to be the largest IPO market in the region this year.
The owner of the meat alternative, Quorn, is seeking regulatory approval to sell up to 3.6 billion primary shares at a maximum price of 17.50 pesos each, regulatory filing documents showed. You can sell up to 540 million more shares using an over-allotment option.
In Philippine filings, IPO prices are typically set well above final sales prices.
At the presentation price, the IPO would surpass the record $ 627 million raised in the inaugural sale of Robinsons Retail Holdings Inc. shares in 2013.
Monde Nissin is committed to growing demand for both consumer staples and higher-value products. Lucky me! is an iconic brand in the Philippines, while British meat substitute Quorn, purchased in 2015 for $ 831 million, gives the firm a foothold in the health food category.
Investors and bankers said consumer retailers and REITs are preparing fundraising deals in the Philippines that could exceed $ 4 billion in 2021, more than the country’s combined tally for the past seven years, the data showed. from Refinitiv.
Only three firms debuted on the Philippine Stock Exchange last year, raising a combined 44.3 billion pesos ($ 912 million).
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