Monde Nissin’s Philippine IPO has top funds ditching blue-chip stocks

Investors say the 48.6 billion peso (US$1bil or RM4.13bil) initial public offering (IPO) – the biggest ever debut in the country – is pushing them to reallocate funds from existing consumer-staples holdings and even sell blue-chip stocks from other sectors to pay for a slice of the iconic snack brand that debuts tomorrow.

MANILA: Food giant Monde Nissin Corp’s record-breaking entry into the Philippine stock market is driving a shake-up that is impacting everything from the nation’s consumer sector to holdings of some of the biggest money managers.

Investors say the 48.6 billion peso (US$1bil or RM4.13bil) initial public offering (IPO) – the biggest ever debut in the country – is pushing them to reallocate funds from existing consumer-staples holdings and even sell blue-chip stocks from other sectors to pay for a slice of the iconic snack brand that debuts tomorrow.