Philippine noodle giant Monde Nissin opens lower on debut
posted June 01, 2021 at 11:00 am by AFP Philippine instant noodle giant Monde Nissin opened lower as it debuted on the country's stock market Tuesday after raising more than $1 billion in a record-breaking initial public offering in the Southeast Asian nation. The maker of the Philippines' best-selling instant noodle brand Lucky Me! opened down 0.15 percent at 13.48 pesos after being offered at 13.50 pesos in a floatation that raised 48.6 billion pesos. That gave the company a valuation of 242.6 billion pesos, which would rank it 14th among the 30 companies listed on the Philippine Stock Exchange Index (PSEi), Bloomberg News reported. The offering was four times oversubscribed, said Lexter Azurin, senior equity analyst at AB Capital Securities in Manila. "Given the market uncertainty rig ...