Monde Nissin reportedly to go public in first half of 2021

Filipino food company Monde Nissin is reportedly mulling to list its shares in the first half of this year in what is expected to be the first billion-dollar IPO in the Philippines.

The company hopes to draw investors to its expanding global meat alternative business, reported Reuters citing undisclosed sources.

Monde Nissin recently filed for an initial public offering (IPO) with an aim to raise up to PHP63bn ($1.3bn). However, the company did not specify a timeline for the launch of its IPO.

One of the sources has been quoted by the publication to have said: “Given the size of the IPO, global funds are very keen to look at it and there’s interest from sustainability funds who want to deploy capital.”

The proceeds from the IPO are anticipated to help Monde Nissin expand the capacity of its meat substitute business Quorn Foods. The Filipino food company has also been looking to grow the reach of Quorn Foods in the US and other key markets.

Quorn Foods was acquired by Monde Nissin in 2016 for £550m. Apart from Quorn Foods, the Filipino company owns the Cauldron meats alternative brand.

Both the meats alternative businesses made up 22% of the $1.4bn net sales registered by Monde Nissin last year.

Another source has been quoted by the publication as saying: “The primary reason for the IPO is that the group sees significant growth opportunities for its business in Asia, as well as in the UK.”

Monde Nissin has been in the food business for more than 40 years. Some of its notable brands are Lucky Me! noodles, Fita crackers, Skyflakes crackers, and Monde baked goods.