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IPO Chilli Ratings

IPO Chilli Ratings
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Food Innovators Holding Limited

Food Innovators Holdings Limited ("FIH" or the "Company") is offering 14m shares at $0.22 each, for which 13m shares will be through placement and the remaining 1m shares via a Public Offer. The IPO will close on 14 Nov at 12 noon and starts trading on 16 Oct 9am.  FIH has two business models - the first is to be a master lease and sublease the space to other tenants and the second is to operate and manage restaurants.  The Company currently has 12 restaurants in Japan, 10 in Singapore and 4 in Malaysia. The market cap based on the IPO price is around $24.9m. Financial Highlights FIH's revenue grew from $37.8m in FY2022 to $43.8m in FY2024. It is quite funny to see that being a master land lease holder has a higher margin than operating the restaurants, once again illustrating the point that it is better to be a landlord to shake leg and collect rent. According to the prospectus, the PER is around 19x. The Company intends to pay 20% of its net profit after tax a
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KTL Global Limited



KTL is a supplier of rigging equipment and related services to customers mainly in the offshore Oil & Gas and marine industries.

Public - 2m shares at $0.28
Placement - 38m shares
Manager: Philip Capital

FY07 (30 June 2007):

Revenue : S$41.8m
Net profit: S$10.3m ($6.1m comes from sale of Leashold property)
EPS: Singapore 2.6 cents
Market cap based on IPO price : S$44.8m

After stripping out the one-time gain from sale of leasehold property, the net profit is $4.17m and based on 160m post-ipo shares, EPS is Singapore 2.6 cents. Assuming FY08 grow by 30%, EPS will be Singapore 3.38 cents. Based on IPO price of 28 cents, it is trading at forward PE of 8x. Assuming a PE range of 8-10x, the fair value is between 27 cents to 34 cents. A small upside from IPO price.

I will give it a miss due to the low number of shares for public tranche as well as the fact that it is within its fair value range.
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