The company, which owns Lucky Me noodles and Quorn meat-free burgers, has completed the offering period for its IPO of 3,600,000,000 shares at a price of PHP13.50 per share. The share offer has an overallotment option of a further 540,000,000 shares.

In Monde Nissin’s initial registration statement, the company had declared a ceiling of PHP17.50 a share. The company said trading in its shares is set to start on 1 June.

Monde Nissin, which plans to use the funds for capital expenditure and the repayment of loans, said the IPO was the largest in the food and beverage sector in south-east Asia. CEO Henry Soesanto added: “The extraordinary level of interest that we received from a broad range of international and domestic investors is a testament to the world-class company that we have built and the significant growth opportunities that lie ahead.”

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. Monde Nissin acquired Quorn Foods from UK private-equity firm Exponent in 2015.

Among Monde Nissin’s current shareholders is Soesanto, who, according to the company’s website, owns a 12.6% stake in the business and is its third-largest investor. Monde Nissin chairman Hartono Kweefanus is the group’s biggest shareholder, with a stake of 29.3%.

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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