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The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
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Japan Foods Holding Limited



Japan Foods Holdings Limited is issuing 13.5m New Placement Shares at $0.20 each. The post share capital will be 88.17m shares and that translate into a market cap of $17.6m (ultra small cap). It is principally engaged in the operation of restaurants under various brands in Singapore and Malaysia. The offer will close on 19 Feb 2009 at 12pm.

For the FY2008, its revenue was S$26.8m and its profit after tax was S$2.85m. Its net margin was 10.6% for FY2008. Assuming the service agreement is in place and based on the enlarged share capital, the EPS for FY2008 will be 2.83 cents and that translate into a historical listing PE of 7x.

"Comparative" Companies listed on SGX

The closer comparable companies listed on SGX will be Apex Pal (operator of Sakae Sushi chain), Breadtalk, Food Junction, Old Chang Kee, Select, Soup Restaurant and Thai Village. They are trading at PE multiples ranging from 6 to 10x. In this aspect, the IPO is fairly priced with little upside and possibly more downside if there is little investors' interest for companies listed on Catalist.

I am not sure why a "Frachisee" is allowed to list as there is no guarantee that the Japan Foods will continue to be given the Franchise status. It is like asking Macdonald Singapore to list its operations on SGX. Anyway, avoid this IPO. There are better companies to put your $ in.
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