RPT-UPDATE 2-Philippine food maker Monde Nissin targets $1.3 bln IPO, country's biggest ever

(Repeats earlier story for wider readership with no change to
text)
* Monde Nissin to offer up to 3.6 bln shares
* IPO set to be country's largest ever
* Philippines companies set for large IPOs this year

By Neil Jerome Morales and Anshuman Daga
MANILA, March 4 (Reuters) - The Philippines' Monde Nissin
Corp, maker of the ubiquitous Lucky Me! instant noodles, is
looking to raise up to 63 billion pesos ($1.3 billion) through
an initial public offering (IPO) that is set to be the country's
largest-ever listing.
The company's filing on Thursday comes as the Philippines, a
historical laggard in Southeast Asia in terms of fundraising and
market activity, is shaping up to be the region's biggest IPO
market this year. Monde Nissin is banking on growing demand for both consumer
staples and higher-value products. Lucky Me! is an iconic brand
in the Philippines while British meat substitute Quorn, bought
in 2015 for $831 million, has given the company a foothold in
the healthy food category.
The four-decade-old Monde Nissin, with net sales of $1.4
billion last year, is a Philippine market leader in instant
noodles, crackers, cookies, and yogurt drinks.
It will use the funds to expand capacity at its Asia-Pacific
business, which exports products to over 50 countries, and to
increase capacity in its meat substitute business as demand for
alternatives surges due to concerns about health and the
environment.
The company is seeking regulatory approval to sell up to 3.6
billion primary shares at a maximum price of 17.50 pesos ($0.36)
each, regulatory filing documents showed. It has an option to
sell up to 540 million additional shares through an
over-allotment.
Monde Nissin is only selling primary shares, so the money is
being raised by the company. It will repay loans and also redeem
convertible notes with the funds raised.
The company said the timing of the offer and the final price
will depend on market conditions. In Philippine filings, IPO
prices are typically set far above final selling prices.
At the filing price, the IPO would surpass the record $627
million raised in the 2013 maiden share sale of Robinsons Retail
Holdings Inc RRHI.PS .
Investors and bankers said consumer retailers and real
estate investment trusts are lining up fundraising deals in the
Philippines that could top $4 billion in 2021. That would be
more than the country's combined tally of the last seven years,
based on Refinitiv data. Only three firms debuted on the Philippine Stock Exchange
last year, raising a combined 44.3 billion pesos ($912 million).
The Philippines' broader stock index .PSI is down 3.6% in
2021, making it Southeast Asia's worst performer year-to-date
amid delays in a COVID-19 vaccine rollout and strict social
distancing curbs that are reducing consumer spending.
UBS Group AG is leading the deal while Citigroup Inc,
Credit Suisse Group AG and JPMorgan Chase & Co are the joint
global coordinators for the IPO. BDO Capital, BPI Capital and
First Metro are the local lead underwriters.
($1 = 48.5650 Philippine pesos)

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Capital raising proceeds, in US$ mln https://tmsnrt.rs/37lF143
Number of SEAsia IPOs, REITs, and secondary offerings https://tmsnrt.rs/3b9aCqM
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