IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, Monde Nissin IPO, and Singapore's Free Press

Monde Nissin IPO Initiation: Instant Karma

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Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.</p>
<p>Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. </p>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-initiation-instant-karma" target="_blank" data-smartkarma-citation="insights:49745" rel="noopener">Monde Nissin IPO Initiation: Instant Karma</a>, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. </p></div></div></div>


Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.
Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. 
In Monde Nissin IPO Initiation: Instant Karma, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. 

Monde Nissin

Monde Nissin: Valuation First Look