RE&S Holdings in IPO bid alongside No Signboard
IPOs are on the menu for two restaurant groups in Singapore, including one from Japan.
The Japanese group has lodged a preliminary prospectus for a listing as it seeks to raise capital to expand, while local company No Signboard Holdings has made a similar move for an IPO that could value it at as much as S$130 million (US$95.6 million).
The timing and pricing of the RE&S deal has not been determined yet, but a cornerstone investor will be Heliconia Capital Management, a unit of Singapore government-owned investment firm Temasek Holdings. Proceeds from the deal will be used for establishing more F&B outlets, refurbishments and general working capital.
RE&S owns such Japanese restaurants as Ichiban Boshi, Kuishin Bo and Kuriya Japanese Market. In the year to June 30 it had a net profit of $5.7 million, shadowing the $2.9 million it made a year earlier. Executive director/president Hiroshi Tatara holds a 73 per cent stake in the company with executive director/CEO Yek Hong Liat holding 25 per cent.
Meanwhile, No Signboard Holdings, known for its signature white-pepper crab dish, is seeking to raise as much as $35 million.
Cornerstone investors for the IPO include CEO Goi Kok Ming of GSH Corporation, which owns properties in Malaysia and Singapore and has interests in food logistics and warehousing in China, reports Channel NewsAsia.
Bulk container provider Goodpack founder David Lam has also agreed to be a cornerstone investor.
No Signboard says it intends to use the proceeds from the IPO to develop its beer business, establish a chain of casual-dining restaurants and expand its ready-meal business.