MANILA – Philippine instant noodle giant Monde Nissin opened lower as it debuted on the country’s stock market today after raising more than US$1 billion (RM4.1 billion) in a record-breaking initial public offering in the Southeast Asian nation.
The maker of the Philippines’ best-selling instant noodle brand Lucky Me!, which raised the sum equivalent to 48.6 billion pesos in a floatation after being offered at 13.50 pesos, opened down 0.15% at 13.48 pesos.
This gives the company a valuation of 242.6 billion pesos, ranking it 14th among the 30 firms listed on the Philippine Stock Exchange Index (PSEi), reported Bloomberg News.
The offering was four times oversubscribed, said Lexter Azurin, senior equity analyst at AB Capital Securities here.
“Given the market uncertainty right now, it’s actually quite positive that we’re seeing demand has been quite brisk.”
PSEi has fallen more than 7% this year, but rebounded in the past week.
Monde Nissin exports instant noodles, biscuits and crackers to dozens of countries. It also owns British meat-substitute maker Quorn.
The money raised will be used to increase capacity and pay back loans, said the company.
It said it has attracted cornerstone investors, including Hong Kong insurer AIA and Singapore sovereign wealth fund GIC.
The company’s stock market launch could bode well for other IPOs in the pipeline, including a planned share sale by the Philippines’ privately owned National Grid Corp. – AFP, June 1, 2021
