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.