Philippines’ Monde Nissin Said to Pick Banks for $1 Billion IPO

Source: BusinessWorldOnline

Philippine food maker Monde Nissin Corp. has picked banks to arrange its potential initial public offering in Manila in what could be the country’s biggest first-time share sale, according to people with knowledge of the matter.

Citigroup Inc. and Credit Suisse Group AG have been chosen to work on the planned IPO of the Lucky Me! instant noodles maker, the people said. JPMorgan Chase & Co. and UBS Group AG were also selected to arrange the listing, the people said, asking not to be identified as the process is private.

The Makati-based firm is seeking to raise as much as $1 billion from the first-time share sale as soon as this year, Bloomberg News reported last week. At $1 billion, the IPO would be the largest in the country to date, according to data compiled by Bloomberg. National Grid Corp. of the Philippines, is also seeking an IPO in the Southeast Asian nation to raise as much as $1 billion.

Monde Nissin could add more banks to the lineup at a later date, the people said. Deliberations are ongoing and details of the offering including size and timeline could change, the people said. Representatives for Citi, Credit Suisse, JPMorgan, Monde Nissin and UBS declined to comment.

Monde Nissin, which also distributes biscuits and baked goods, exports to more than 40 countries around the world, according to its website. It acquired U.K.-based meat alternative maker Quorn Foods Ltd. for 550 million pounds ($753 million) in 2015.

Bloomberg

Author: The Manila Journal Editors

Editor-in-Chief

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