Monde Nissin draws GIC, Fidelity as cornerstone investors for PH IPO: Report

Photo by ikhsan baihaqi on Unsplash

Monde Nissin Corp is reportedly in talks with a number of investors, including Singapore’s sovereign wealth fund GIC, financial services group Fidelity International, and Hong Kong insurer AIA Group to become cornerstone investors in its initial public offering (IPO) in the Philippines.

According to a Bloomberg report, Monde Nissin, which sells Lucky Me! instant noodles in the Philippines and meat substitute Quorn in Europe, is in deliberations with these investors for its $1 billion IPO, which could be the largest in the Philippines so far.

The talks, which also include Capital Group, are private and the investor lineup could change. DealStreetAsia has reached out to GIC and AIA Group via email for confirmation. Both companies did not immediately respond to requests for comment.

A Reuters report last week said Monde Nissin has secured several investor commitments for its IPO. The report, which quoted unnamed sources, said more than a dozen cornerstone investors, including some of the world’s largest asset managers, are backing the IPO.

At $1 billion, the IPO will still be the largest in the Philippines so far, surpassing Robinsons Retail Holdings Inc’s first-time share sale, which raked $621.1 million in 2013.

Last year, Converge ICT Solutions raised $600 million in the country’s second-largest IPO.

In April, Del Monte Philippines Inc, a wholly-owned subsidiary of global branded food and beverage firm Del Monte Pacific Ltd, revived its listing plan to raise 44 billion pesos ($907 million) in its IPO.

Monde Nissin’s shares are expected to begin trading on June 7. The company earlier said proceeds will be used for the expansion and enhancement of its production and technological capacities, including its businesses in the UK and other key markets.

UBS, Citigroup, Credit Suisse, and JPMorgan Chase are the joint global coordinators of the deal, while the local lead underwriters are BDO Capital & Investment, BPI Capital, and First Metro Investment.

Aside from Lucky Me! noodles, Monde Nissin’s brand portfolio includes SkyFlakes crackers, Fita crackers, and Monde baked goods. The listing comes nearly six years after the company acquired alternative meat maker Quorn in the United Kingdom for $831 million in what was considered a big-ticket deal from the Philippines.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.