Gaylin Holdings Limited - Balloting Results

Posted by Mr. IPO October 13, 2024

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

Gaylin Holdings Limited announced its balloting results. The press release is here, the balloting announcement is here and my IPO write up on Gaylin is here.

The public tranche is more than 100x oversubscribed. As such it is very difficult to be allocated shares.

You can see that majority of the shares were allocated to investors who applied between 10 to 100 lots. Investors who applied for 100 lots will have a 26% chance of getting the shares of 5 lots.

The "over-allotment" of 22m shares were exercised. In this regard, CIMB will help to stabilize the market should the price falls below the IPO price.

No "anchor" placement investors were announced (how come they never announce my name? :P), thus will be interesting to see if the shares are well supported tomorrow. I am one of the 173 after they cut back my application quite significantly. Let's see if can make any money tomorrow... just hope that uncle Sam cooperate tonight...

Happy IPOing.