Manila snackmaker's flat IPO may find some fizz - Reuters

A saleslady arranges Chinese instant noodles in a Chinese grocery store in Pasay City, Metro Manila, Philippines June 14, 2019. Picture taken June 14, 2019. REUTERS/Eloisa Lopez

FIZZ-FREE. Price pops for initial public offering debuts are nice, but listings are a long-term game. So say bankers when their client slides on the first day of trading. Snack and juice maker Monde Nissin (MONDE.PS), which also owns meat alternative Quorn, opened flat read more in Manila following its $1 billion float - the Philippines’ biggest by some margin. But even record-breakers will struggle to outrun their market and Manila’s record on IPOs is not great.

Of the country’s last 10 food and beverage IPOs, half averaged a 13% debut drop, and another four averaged a 6% rise according to analyst Oshadhi Kumarasiri of Lightstream, publishing on Smartkarma. Only one managed a genuine pop, up 50%. The good news is that those opening down tended to trade steadily after and rally by the third month. Monde Nissin priced its snacks and Quorn units fairly, Breakingviews estimates read more . The fizz is merely on hold for now. (By Jennifer Hughes)

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Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

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Manila snackmaker's flat IPO may find some fizz - Reuters
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