June 23, 2021
Business

Monde Nissin bets on meat alternatives after record $1 bln Philippine IPO

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, Philippines, Sept. 30, 2020. REUTERS/Eloisa Lopez

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…

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