Quorn Owner Monde Nissin Aims For Philippines’ First Billion Dollar IPO As Its Plant-Based Sales Soar

Monde Nissin Corporation, the Philippine-based food conglomerate, has filed for an initial public offering (IPO) aiming to raise ₱63 billion (approx. US$1.3 billion), the country’s largest-ever first-time share sale. The firm, who acquired British legacy vegan and vegetarian brand Quorn in 2015, says the fundraising will fuel its international expansion as it pivots towards the fast-growing alternative protein category amid record plant-based sales.

Manila-headquartered Monde Nissin filed with the Philippine Securities and Exchange Commission to go public earlier this month, looking to raise as much as ₱63 billion (approx. US$1.3 billion), in what could be Philippines’ largest-ever IPO to date. It plans to sell 3.6 billion shares, with 540 million additional shares in an over-allotment option. 

According to a report by Reuters, sources say that the listing is set to take place in the first half of 2021, and will fuel the business’ overseas expansion with its alternative protein strategy. 

While Monde Nissin is famous domestically for its convenience processed foods brand portfolio, including Lucky Me! instant noodles and SkyFlakes biscuits, it quietly acquired the British meatless substitute maker Quorn in 2015 for £550 million (approx. US$768 million) and currently enjoys a global presence in more than 30 countries. 

Quorn recently doubled down its footprint in the Singaporean market, where it has expanded into home delivery with its new vegan and vegetarian dim sum line in response to shifting consumer trends amid the coronavirus. 

The brand has also taken a stronger public line in positioning itself as a climate action firm, launching multiple campaigns in recent months including rolling out carbon labels and a complete nutritional review to promote healthy and sustainable eating at the same time. 

Monde Nissin’s meat alternatives business, which also includes Quorn’s sister vegan and vegetarian brand Cauldron, whose products include tofu, veggie sausages and falafels, bring in about 22% of the firm’s total net sales of US$1.4 billion last year, Reuters reported. 

A source told the news publisher that its successful plant-based strategy will likely attract investment from sustainability funds, who are increasingly eyeing the fast-growing alternative protein space as consumers show no signs of slowing down when it comes to their meat-free purchases. If U.S. statistics are any indication, most shoppers who bought meat alternatives for the first time during the pandemic plan on making it a long-term habit. 

“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,” the unnamed source told Reuters. 

Robert Ramos, trust group head at Rizal Commercial Banking Corp., commented that there has been “a lot of interest in green investment and ESG [in] this day and age.”

Monde Nissin’s move mirrors that of Bangkok-based food conglomerate NR Instant Produce Pcl, who went public in October 2020 after reorienting its business to focus on plant-based foods. 

The firm, which produces a wide range of seasonings, ready meals and condiments, has ramped up its plant-based offerings and launched a private label jackfruit pork alternative, and most recently entered into an agreement with New York food tech Ocean Hugger Foods for a global roll-out of its vegan seafood analogues. 

Lead image courtesy of Quorn.