One of the biggest companies in the Philippines, Monde Nissin Corp – which acquired plant-based meat brand Quorn in 2015 for £550 million – is aiming to list its shares as the company hopes to attract investors to its expanding overseas plant-based business. The IPO would be the largest by a Philippine company and is reportedly set to raise up to $1.5billion.
Monde Nissin Corp is the top instant noodle producer in the Philippines and is showing increasing interest in its plant-based operations as owner of UK-based producer Quorn, as well as Cauldron Foods, producer of vegetarian and vegan foods also based in the UK. The company’s plant-based portfolio contributed 22% to Monde Nissin’s net sales of $1.4 billion last year.
With a projected raise of $1.5bn, this would mark a record initial public offering in Manila. According to the FT, Monde Nissin has quoted that the funds raised would be used to increase capacity at Quorn, which will expand into the USA and Asia. Last year Quorn saw continued success in foodservice partnerships such as Greggs and Ginsters. In 2018 it opened what was said to be the world’s biggest alternative meat production factory.
The news of the IPO follows a spate of plant-based related news coming out of the Philippines, including Burger King’s launch of its plant-based whopper, and Century Pacific Food – one of the biggest fish and dairy producers in the Philippines – rolling out unMEAT, its new range of plant-based meat alternatives.
“Given the size of the IPO, global funds are very keen to look at it and there’s interest from sustainability funds who want to deploy capital,” said one source, according to Reuters.
The sources who declined to be identified ahead of the listing, expected Monde Nissin to be valued at around $6.5 billion at the top-end.