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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 ...
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Harry's Holdings Ltd

Harry's Holdings Ltd is placing out 24m new shares at $0.22 for a listing on Catalist. It managed to grow from a single bar in Boat Quay in 1992 to a leading F&B operator today.


Revenue grew from $27m in FY2007 to $37m in FY2009 and net profit is around $2m for that 2 years with a dip in FY2008. The offer will end on 24 Jan at 12pm.


The Company is listing at a PER of 11.4x assuming the service agreement is in place and based on post IPO number of shares. Market cap is $20.9m. Basically at $21m, it is a ultra small cap and you 'cant' apply for it. Don't see much prospects unless it can venture out of Singapore or create some ultra profitable F&B outlets. 
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SAC Capital
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