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IPO Chilli Ratings

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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Will Mr. IPO be subscribing to Nanofilm ?

Thank you for participating in the survey (which is still running).

The interim results showed that 49% will be subscribing. I also received a few messages asking if I will be subscribing. I decided to share this post so that you can go through my thought process.

I was ready to try my luck on Sunday when I was writing my post, but not so sure anymore as sentiments has turned.

I have written previously (some many years ago) that for IPO pop to happen, the most important is the timing.

For IPO to "pop" on day 1, factors include right investors sentiments, right valuation and right market.

I mentioned in my Sunday post that I was struggling to give a 3 chilli ratings given the rich valuation but it is the blockbuster IPO on SGX for 2020.

Now that we are one day away from the closing, I don't think the sentiments is conducive as investors are currently in a "risk-off" mode, ie people are taking money off the table due in part to uncertainties over US election, rising Covid cases again and most stock markets are in a correction mode.

Given the above factors, I think it will be more challenging for Nanofilm to pop despite the stellar institutional investors base.

As such do proceed with caution if you are intending to flip.

As for myself, I will give it a pass for now given the approval process I need to go through and consider it for longer term investment next time.

Happy nanoing !
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