Food manufacturer, Monde Nissin Corp (Monde) is heading for IPO listing in the first half of 2021 in the Philippines to raise up to Pesos 63 billion (US$1.3 billion) to support its overseas expansion in the meat alternative business.
Monde has a leading market position in the Philippines with its popular Lucky Me! instant noodles and SkyFlakes biscuits, and has been enjoying core profit margin of 25% for its local food business. This will attract global funds to invest in the company. In 2015, Monde acquired UK’s Quorn Foods for US$830 million.
Monde Nissin has ambitious plans in the pipeline to expand Quorn’s capacity and reach in key markets like the US.The meat alternative business, comprising Quorn and Cauldron brands, contributed 22% to Monde Nissin’s net sales of US$1.4 billion last year.
Monde sees significant growth opportunities for its business in Asia as well as in the UK.