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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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SBI Offshore Limited

Time to do some housekeeping. Sorry i missed this IPO because it is another Catalist listing and via placement only.

SBI Offshore Limited ("SBI") is a Singapore home-grown company supply equipment to shipyards and rig builders in Asia's offshore and marine industry.  The company is placing out 20m shares at 27 cents each and the market cap is $29.88 million and  the company's IPO was priced at 12.08x FY08 earnings

The company generated revenue of $11.72m for FY 2008 and net profit of $2.339m.
The company generated $6.3m revenue and $1.364m net profit for 4 months ending 30 April 2009.  

While the company has done well for the first 4 months, I  feel the company's revenue is still too low and need to be boosted further and  you can understand why this is still a Catalist listing.
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