Monde Nissin opens 0.14% lower in debut after $1 bln Philippine IPO (updated)

Nissin

01/06/2021 02:43

(Adds details, context)
    * IPO was biggest-ever locally; SE Asia's second-biggest
this year
    * Priced conservatively in region's worst-performing market

    By Neil Jerome Morales and Anshuman Daga
    MANILA, June 1 (Reuters) - Monde Nissin Corp  MONDE.PS  saw
it shares weaken 0.14% at the opening bell on its stock market
debut on Tuesday, after the Philippine food maker raised 48.6
billion pesos ($1 billion) in the country's largest-ever initial
public offering (IPO).
    The IPO, Southeast Asia's second-largest this year after the
$1.8 billion IPO of Thailand's PTT Oil and Retail Business PCL
 OR.BK  in February, heads a pipeline of Philippine share sales.
    Monde Nissin's stock traded at 13.48 pesos at market open
versus an IPO price of 13.5 pesos. It rose to as much as 13.56
pesos apiece in the first minutes of trade, while the local
benchmark share price index  .PSI  fell 0.4%.
    Analysts previously said the leading noodle and biscuit
maker had priced its IPO conservatively in a market that so far
this year has lost 7%, making it the region's worst performer.
    Monde Nissin's oversubscribed IPO was supported by 11
cornerstone investors including Singapore sovereign wealth fund
GIC Pte Ltd  GIC.UL  as well as private equity funds Eastspring
Investments and Capital Group.
    Monde Nissin has seen steady growth in its ubiquitous Lucky
Me! instant noodles and SkyFlakes biscuits. It is also betting
big on the overseas meat alternatives business through Britain's
Quorn Foods, which it acquired for about $830 million in 2015.

 (Reporting by Neil Jerome Morales in Manila and Anshuman Daga
in Singapore; Editing by Christopher Cushing)
 ((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))