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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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Jason Marine Group Limited


Jason Marine Group Limited is one of the leading providers of integrated solutions of a wide range of marine communication, navigation and automation systems based in Singapore.  The company is offering 16m New Shares at 21 cents (of which 15.5m will be via placement and the rest via public offer). It is encouraging to see companies trying to list on Catalist actually attempted to make a public offering. This is very refreshing vis-a-vis what was being done by Primepartners for most Catalist listings. The offer will end on 19 Oct 2009 at 12pm. The market cap post IPO will be S$22.3 million.

Revenue grew from S$40.7m in FY2007 to S$70.9m and net profit grew from S$1.6m to S$6.4m in the same period.  The Financial Year ends on 31 March 2009 and the EPS for FY 2009 based on post invitation shares is Singapore 6.03 cents and that translate into a listing PER of 3.48x.  Assuming the EPS grow by 25% in FY 2010 and a fair value PE of 4-5x for Catalist listings, the EPS will be 7.54 cents and the fair value will be between 30 cents to37 cents.
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