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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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A test of investors' will?

It is amazing that HL Bank is launching its 2nd IPO of June, Combine Will International Limited. Frankly, the English name of this company really sounded like one that is 'bought off-the-shelf' and is really 'testing' the will of the market.

The performance of the recent IPOs have been lacklustre and i will not be surprised if Combine Will trades below water post its IPO. On another IPO, I was informed by my DBS broker that it is no longer underwriting for China Fibertech and i wont be allocated the IPO shares and i heaved a sign of relief.

Let me do a write up on Combine Will when i managed to hold of that hard copy prospectus... (too lazy to read the online version...)
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