(Bloomberg) -- Monde Nissin Corp. has set a final price of 13.50 pesos per share for its initial public offering, putting the Philippine food maker on track to raise $1 billion in the nation’s biggest ever first-time share sale.

The producer of the Southeast Asian country’s best-selling instant noodle brand Lucky Me! is selling 3.6 billion shares at that price, it said in a letter to the local stock exchange on Thursday. That’s lower than the 17.50 pesos maximum price indicated in its IPO filing.

Still, at 48.6 billion pesos ($1 billion), Monde Nissin’s offering will be the biggest on record in the country. Del Monte Philippines Inc., another food company best known for its pineapple products, last month filed for an IPO that could raise as much as 38.3 billion pesos. SM Investments Corp.’s 28.8 billion-peso IPO in 2005 was the biggest so far, according to data compiled by Bloomberg.

Monde Nissin’s shares are expected to begin trading on June 7, according to an earlier prospectus.

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Philippines, which has seen DDMP REIT Inc. raise 14.7 billion pesos in the only stock listing so far this year, has another large deal in the pipeline. National Grid Corp. of the Philippines has picked banks to work on an IPO to raise at least $1.5 billion, Bloomberg News reported in March.

Monde Nissin makes crackers, muffins and biscuits, and has a presence in more than 30 countries, according to its website. In 2015, the Makati-based firm acquired British meat substitute maker Quorn Foods Ltd. for 550 million pounds ($764 million).

Monde Nissin plans to use the IPO proceeds for purposes including loan repayment and general corporate use, according to an earlier filing.

UBS Group AG, Citigroup Inc., Credit Suisse Group AG and JPMorgan Chase & Co. are the joint global coordinators of the deal, while the local lead underwriters are BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp.

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