Record IPO boosts family fortunes to $3.6 B

Two families behind the best-selling Lucky Me! instant noodles are sitting on a fortune worth billions of dollars after a record IPO in the Philippines, the latest example of the vast wealth being created in Asia as companies go public.

The families from Indonesia and the Philippines own almost 70% of the Monde Nissin Corp., which started trading last week after raising more than $1 billion in its initial public offering. Together, they’re worth about $3.6 billion, according to the Bloomberg Billionaires Index.

Indonesian Hartono Kweefanus, the chairman of the board, is the largest shareholder with a 23% stake. His brother Hoediono, the vice-chairman, owns 5.3%. And Hoediono’s wife Betty Ang from the Philippines, the president, has 18%.

Southeast Asia is increasingly minting fortunes as more companies list their shares in the fast-growing region. Singapore-based Grab Holdings Inc. announced plans to go public this year through a merger with a special purpose acquisition company, which is set to be one the world’s largest-ever SPAC deals.

Monde Nissin’s brands have been household names in the Philippines for more than four decades, but the company has thrived during the pandemic as lockdowns forced people to stay at home.