Monde Nissin bets on meat alternatives after record $1 bln Philippine IPO
Philippine food maker Monde Nissin Corp (MONDE.PS) is pinning its future on the fast-growing alternative meats business on the back of a 48.6 billion pesos ($1 billion) initial public offering (IPO), which marked the country’s largest-ever listing.
On its market debut on Tuesday, the family-controlled company’s shares ended trading at 13.48 pesos versus the 13.50 pesos IPO price. The issue was Southeast Asia’s second-largest this year after the $1.8 billion IPO of Thailand’s PTT Oil and Retail Business (OR.BK).
The four decade-old group’s market leading position in the Philippines, with its ubiquitous Lucky Me! instant noodles and SkyFlakes biscuits, has propelled the family…