Betty Ang spends P3.5B to keep Monde Nissin from falling too far below IPO price in opening week
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Betty Ang spends P3.5B to keep Monde Nissin from falling too far below IPO price in opening week

Bilyonaryo Betty Ang coughed out P3.482 billion to keep food giant Monde Nissin from falling way below its initial public offering price during its debut week.

UBS Singapore AG, Ang’s stabilization agent, told the Philippine Stock Exchange (PSE) that it purchased a total of 259.824 million MONDE shares at an average price of P13.4039 per share from June 1 to 4.

READ: Betty Ang’s Monde Nissin is 16th largest PSE stock, 6 spots behind Gokongwei’s URC

MONDE traded at a high of P13.56 and a low of P12.68 in its first four days of trading, with net foreign selling of P166 million during the same period.

READ: Philippine noodle giant Monde Nissin opens lower on debut

The MONDE president, who has a 22.73 percent stake in the company, pegged the IPO price at P13.50 or the low end of its projected pricing with a peak of P17.50. She raised P48.6 billion from the IPO.

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