June 1, 2021

Milbank Advises Joint Global Coordinators on Largest-Ever Philippine IPO

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Milbank LLP successfully advised the joint global coordinators in connection with the Rule 144A/Reg S initial public offering by Monde Nissin Corporation (“Monde Nissin”) of 3.6 billion shares which were listed on the Philippine Stock Exchange (“PSE”) today. Valued at approximately US$1 billion (P48.6 billion), it is the largest IPO in the history of the Philippines and the largest-ever food and beverage IPO in Southeast Asia.

Monde Nissin is a Philippines and UK-based global food and beverage company known for its brands Lucky Me!, Nissin, Voice, Quorn, Bingo, Monde and Cauldron among others. Joint global coordinators for the IPO included UBS, Citigroup and J.P. Morgan. Monde Nissin will use the IPO proceeds to grow its APAC food and beverage business and its alternative meat business Quorn, redeem convertible notes and repay loans.

The Hong Kong-based Milbank team was led by Global Capital Markets partners James Grandolfo and Paul Pery with associates York Wu, Cheyne Cudby and David Zhu assisting.

Mr. Grandolfo said: “This offering was a homerun for Monde Nissin which is aiming to advance its overseas growth plans, and especially impressive given the challenging market conditions in the Philippines and around the region at this time. Our team is proud to have again played a role in another historic capital markets transaction out of the Philippines.”

Mr. Pery added: “2021 is shaping up to be an exceptionally strong year for Philippine equity capital markets, and our team stands ready to assist as leading domestic companies such as Monde Nissin go to market.”

Milbank’s Hong Kong capital markets team has advised on a number of notable capital markets transactions in the Philippines over the past 12 months, including DDMP REIT, Inc.’s IPO; the second-ever Philippine REIT IPO, Rizal Commercial Banking Corporation’s AT1 issuance, the Philippines’ first-ever AT1 issuance; Manila Water Company, Inc.’s Sustainability Bond, the first ASEAN sustainability bond by a Philippine corporate issuer; and Converge ICT Solution’s IPO, which was the Philippines’ second-largest IPO at the time of issuance.