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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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Sanli Environmental Limited - Balloting Results

Sanli Environmental Limited ("Sanli" or the "Company") announced that it received overwhelming investor interest in its IPO. The key takeaways as follows:

  • IPO was 12.8x subscribed
  • Pre IPO investor, Heliconia Capital, increased its shareholding to 7.97% (A good sign)
  • ICH Gemini Asia Growth and Jeremy Lee Seng Poh subscribed for 17.2 placement shares
"Commenting on the robust support for Sanli's IPO, Mr Sim Hock Heng, CEO of Sanli, said, "We are encouraged by the overwhelming support we have received from our institutional investors, including our anchor investors, and the investing public. This is testament to investors' faith in Sanli's robust track record and the bright prospects of the water industry. We look forward to bringing Sanli to its next level of growth with our new status as a listed company, and we are glad to have the investing public join us in this new chapter of our growth story."

The balloting table is below:

 

It is good to see that the Company or Manager has give small investors (those apply 1 to 99,000 shares) a higher balloting ratio than those who applied for 100,000 shares or more. Please keep it up!

The placement tranche also see Heliconia (a Temasek related company) increasing its stake as well as fund manager (ICH) and prominent investor (Jeremy Lee) participating in this IPO.


I would expect this IPO to debut very well tomorrow! Huat ah! Congrats to those who managed to get the shares from the ATM!
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Bruce said…
Growth of Sanli for the past couple of years in prospectus look a bit unnatural.
If it is an artificial beauty, then the offer price is a bit pricey.

nonetheless, IPO debut should perform well.

7 June 2017 at 22:15
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