Noodle maker Monde Nissin sets final price for Philippine IPO, eyes $1b

A trader takes orders on a telephone at the Philippine Stock Exchange. Source: Reuters

Philippine food maker Monde Nissin Corp has set a final price of 13.50 pesos per share for its initial public offering (IPO) as it seeks to raise $1 billion in proceeds, a filing with the local stock exchange on Thursday showed.

Monde Nissin, which sells Lucky Me! instant noodles in the Philippines and meat substitute Quorn in Europe, had originally filed to raise $1.3 billion in what will be the country’s largest-ever listing by offering 3.6 billion shares at 17.50 pesos each. It is not uncommon for Philippine IPOs to price below the highest indicated price.

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