© Reuters. FILE PHOTO: A janitor wearing a face mask cleans the lobby of the Philippine Stock Exchange amid the coronavirus disease (COVID-19) outbreak in Taguig City, Metro Manila, the Philippines, Sept. 30, 2020. REUTERS / Eloisa Lopez
By Neil Jerome Morales and Anshuman Daga
MANILA (Reuters) – Monde Nissin Corp posted a 0.14% loss on its IPO on Tuesday at the opening bell, after the Filipino food manufacturer took part in the country’s largest initial public offering (IPO).
The IPO, Southeast Asia’s second-largest IPO this year after the $ 1.8 billion IPO of Thai PTT Oil and Retail Business PCL in February, leads a pipeline of Philippine stock sales.
Monde Nissin’s stock was trading at $ 13.48 when the market opened, compared to an IPO of $ 13.5. In the first few minutes of trading, it rose as high as 13.56 pesos apiece, while the local benchmark stock price index fell 0.4%.
Analysts previously said the leading pasta and biscuit maker had conservatively priced its IPO in a market that has lost 7% so far this year, making it the worst performer in the region.
The oversubscribed IPO of Monde Nissin was supported by eleven cornerstones, including the Singapore sovereign wealth fund GIC Pte Ltd and the private equity funds Eastspring Investments and Capital Group.
Monde Nissin has seen steady growth in its ubiquitous Lucky Me! Instant noodles and SkyFlakes cookies. It also relies heavily on its overseas meat alternatives business through UK-based Quorn Foods, which it acquired for around $ 830 million in 2015.
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