CEBU, Philippines — Food maker Monde Nissin has received approval from the Philippine Stock Exchange for its planned initial public offering that could raise 63 billion pesos ($1.3 billion) in what will be the country’s largest-ever listing. The PSE approval came a day after Monde Nissin, which makes the best-selling Lucky Me! instant noodles in the Philippines and meat alternative Quorn in the U.K., received pre-effective approval from the Securities and Exchange Commission. In its registration statement with the SEC, the company said it is offering 3.6 billion shares at 17.50 pesos each. The final price will be determined on May 18 while the offer period is scheduled on May 24 to May 28. “The timing of the offer, final offer price, the final number of offer shares, and allocation of the proceeds will depend on market conditions, the circumstances surrounding the offer, and will be subject to favorably securing the necessary regulatory approvals,” Monde Nissin earlier said. The 63 billion pesos gross proceeds exclude the proceeds from the exercise of an over-allotment option of up to 15% of the shares being offered, the company disclosed. IPO proceeds will be used for the expansion and enhancement of its production and technological capacities, including its businesses in the U.K. and other key markets. The proposed Monde Nissin IPO will be bigger than the total of about $809 million raised in the Philippines market from four listings in 2020. In Philippine filings, IPO prices are typically set far above final selling prices. Underwriting discounts and commissions, and other offering expenses payable by Monde Nissin are expected to be deducted from the gross proceeds. Aside from Lucky Me! noodles, Monde Nissin’s brand portfolio includes SkyFlakes crackers, Fita crackers and Monde baked goods. The listing also comes nearly six years after the company acquired alternative meat maker Quorn in the U.K. for $831 million in what was considered a big-ticket deal from the Philippines. “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. Monde Nissin’s IPO is one of seven listings lined up to launch on the PSE this year. Together, they could raise a record amount of over $3.3 billion, surpassing the total of $2.7 billion raised in the archipelago from 2016 to 2020. National Grid Corporation of the Philippines, the local transmission operator partly owned by State Grid Corporation of China, is also taking steps to push through its long-delayed IPO. which would garner about $1 billion. Analysts, however, said achieving the target may be a tall task as it would depend on several factors, including vaccine distribution and economic recovery. For the original story from DealStreetAsia, click here. DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and greater China. Nikkei owns a majority stake in the company.