Monde Nissin Corp. will use some of its $1 billion initial public offering proceeds to expand its Quorn Foods Ltd. fake meat business in the U.S., the world’s biggest market by far for plant-based alternative food.

The Philippines-based company, which also sells staple foods and is the owner of Lucky Me! instant noodles, will use Quorn’s substitute chicken product to take on heavyweights like Beyond Meat Inc. and Impossible Foods Inc. in a sector dominated by faux beef, executives said in an interview.

“Our ambition is to become the king of alternative chicken globally,” Quorn Chief Executive Officer Marco Bertacca told Bloomberg before Monde’s IPO, the largest ever for a Southeast Asian food company. Monde debuted in the Philippines on Tuesday and closed at 13.48 pesos, down from its 13.50 peso IPO price.

Monde plans to increase Quorn’s production capacity and ship to more fast-food chains in the U.S., spending nearly 16 billion pesos ($335 million) to expand its presence in the country. It is also building two fermenters and packaging facilities in the U.K., where Quorn is based and has a 28% market share. Barclays Plc estimates the global alternative-meat market will grow tenfold to more than $140 billion by 2029, or 10% of the meat industry as a whole.

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