Monde Nissin, the owner of brands including Quorn and Lucky Me, has got regulatory approval for an IPO in its home market of the Philippines.

The Philippine Stock Exchange has given the green light to the share offer and listing. Monde Nissin is set to sell 3.6bn primary shares and up to 540m over-allotment option shares at PHP17.50 (US$0.36) a share.

A final price will be announced on 18 May, with the share offer to last from 24 to 28 May. The company plans to list in the Philippines on 7 June.

Monde Nissin said it plans to use the funds for capital expenditure and the repayment of loans. “We are excited about the prospect of becoming a global public company and believe that Monde Nissin provides a compelling investment opportunity,” the company said. “We combine the stability of our Asia-Pacific food and beverage business and the strong positions that our noodles, crackers and baked goods have in the Philippines with the exciting growth opportunities from Quorn, which is poised to build on its loyal customers and expand its reach and product offerings to compete and win in the rapidly growing global meat alternatives market.”

Quorn, one of the early meat-substitute brands in the UK, has enjoyed solid growth in recent years but is up against fierce competition in its home market amid an increasing number of domestic and overseas brands entering what is a growing category, as well as the country’s supermarkets investing in private label.

Based in the north east of England, Quorn has sought to build an international presence and has enjoyed success in markets such as Australia and the Benelux but has found the going tougher in, for example, the US.

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From the just-food archive, February 2020: “I don’t think anyone’s debating the meat-free category is going to be very, very large” – exit interview with Quorn CEO Kevin Brennan