Lucky Me! maker weighs $1-billion Philippines IPO

Philippine food maker Monde Nissin Corp. is exploring a potential initial public offering in Manila that could raise as much as $1 billion, according to people with knowledge of the matter.

Monde Nissin, which makes the best-selling Lucky Me! instant noodles in the Philippines and meat alternative Quorn in the U.K., has been discussing plans for a first-time share sale with potential advisers, said the people. The company is aiming for a listing as soon as this year, one of the people said.

Deliberations on the prospective deal are at an early stage and the company may decide not to proceed with a listing, the people said, asking not to be identified because the information is private. A representative for Monde Nissin declined to comment.

A listing would see the Makati-based firm joining National Grid Corp. of the Philippines, which is also seeking an IPO in the Southeast Asian nation to raise as much as $1 billion. Both deals, if they materialize, would surpass Robinsons Retail Holdings Inc.’s first-time share sale which raked in $621.1 million in 2013 — the largest in the country to date, according to data compiled by Bloomberg.

Monde Nissin, which also sells biscuits and baked goods, exports to more than 40 countries around the world, according to its website. It acquired Quorn Foods Ltd. for 550 million pounds ($751 million) in 2015. — Bloomberg

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