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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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Koufu Group Limited - Balloting Results


Koufu Group Limited ("Koufu" or the "Group") announced that its IPO received strong support from institutions, high net worth and retail investors. The public offer was 17x subscribed. 

Mr Pang Lim (庞琳), Koufu's Executive Chairman and Chief Executive Officer, said, "This
is a strong vote of confidence for our Group and a recognition of our established track
record and growth plans. We would like to take this opportunity to thank our investors for
their support, as we strive to bring the business to new heights and continue to keep to
our core values: "Better Food", "Better People" and "Better Life" as we grow in Singapore
and overseas."

Koufu also announced that it received strong indications of interest for the Placement Shares where the placement tranche was around 6.5x covered. I would view this as a strong order book. The over-allotment option of 18m shares were also exercised, meaning that DBS will step in to stablise the market where necessary. 

The balloting table for the public offering is below. If you apply for 100,000 shares, you will have a 50% chance of getting 10,000 shares.


It is also good to see that the 3 independent directors, siblings and kids of the founders also put in substantial placement orders.

Dymon Asia Equity Master Fund, a hedge fund, also subscribed for 2.6m shares in the placement tranche. 

My Views

It is a good set of placement and IPO results that showed strong support from the board and management's relatives. With the over-allotment being exercised as well, i believe the debut will be decent. 

Happy Koufuing!

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