Allen & Overy advises Monde Nissin Corporation on its landmark IPO
02 June 2021
Allen & Overy has advised Monde Nissin Corporation (MNC) on its initial public offering of shares listed on the Philippine Stock Exchange (the PSE). This transaction is the largest IPO on the PSE and one of the largest food and beverage (F&B) IPOs in Southeast Asia. The offering raised around USD1 billion for MNC and was multiple times oversubscribed.
Proceeds from the IPO will be used to fund MNC’s capital expenditure for the expansion and enhancement of its production and technological capacities, including its businesses in the UK and other key markets, as well as for redemption of convertible notes and repayment of loans.
Acting on this landmark transaction builds on A&O’s deep and unmatched experience and expertise in the Asian F&B space, having acted on numerous F&B transactions for major F&B sponsors in the Philippines, Indonesia, Hong Kong, Singapore, Thailand and Vietnam.
Giancarlo B. Sambalido, counsel in A&O’s international capital markets practice in Hong Kong commented: “We are honored to have advised MNC on this transformational transaction as they begin life as a public company. This landmark transaction builds on previous transactions we’ve advised on to help them expand their Quorn business and solidify their Asian food and beverage business. We very much look forward to MNC’s success in its mission of improving the wellbeing of people and planet and creating sustainable solutions for food security.”
UBS, Citi and JP Morgan were the joint global coordinators and bookrunners. BDO Capital, BPI Capital and First Metro were the joint local lead underwriters and joint bookrunners. Credit Suisse was the joint international bookrunner. Jefferies and Macquarie were the international co-bookrunners. China Bank Capital, PNB Capital and SB Capital were the domestic co-lead underwriters.
The core A&O team was led by Alexander Stathopoulos in Singapore and Giancarlo B. Sambalido in Hong Kong, with support from Saranrat Kunanuvat in Hong Kong and Sean Cao in Singapore. A separate team, led by Michael Bloch in London, with support from Poppy Kevelighan in London and Eoghan Kerr in Belfast advised on UK diligence matters and a separate team in Singapore, led by Alun Evans, with support from Adarsh Chhabria, advised on matters related to the convertible notes.
NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AND AUSTRALIA.
This communication is not for distribution, directly or indirectly, in or into the United States (including is territories and possessions, any State of the United States and the District of Columbia). This communication is not an offer and does not form a part of any offer of securities for sale in the United States or elsewhere. The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933 (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No money, securities or other consideration is being solicited by this communication or the information contained herein and, if sent in response to this communication or the information contained herein, will not be accepted.