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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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Singapore IPO Tikams for 2020 and 2021

I realized that I "missed out" on the Singapore IPO Tikams in 2020, and the last post was written in 2019 where I made a grand zero dollars that year. You can assess all the prior Singapore IPO tikams here.

Since listings are so rare, it is actually not difficult to do two years of IPO tikams posts together.


Singapore IPO Tikams 2020

In my 2021 New Year's Post, I mentioned that 2020 was a good year with $14,296 made from 3 IPOs. The 3 IPOs are:
  • Aedge $748
  • Credit Bureau Asia $13,299
  • GHY Culture $248
Singapore IPO Tikams 2021

2021 was an interesting one as I managed to diversify outside Singapore and in different currencies as well. For the Singapore market, I participated in the following IPOs:
  • Aztech $614
  • Econ Healthcare $2,285
  • OTS Holdings $23,815
  • Daiwa House Logistics ($100) loss. (I sold the placement and invested via the SRS account at the same price) 
  • Digicore REIT USD1,692* (or around $2,283 using today's rate)
  • Sensetime HKD45,550* (or around $7,881 using today's rate)
The Sensetime IPO happened at a point where no one wanted the shares as it was sanctioned by the US. I took the contrarian view, hence was allotted a fairly decent allocation. I thought I was a genius when I sold on Friday, only to see it end at a price that could have doubled my profits. Lol. No regrets since the intent was for punting.

So here you go, Singapore IPO tikams 2021 was a record year at $36,778 (including the foreign talent).



Looking ahead, I think the IPO market here will be tough. You can see that the promising tech companies continue to seek a listing in US for better valuation and Grab did it through a SPAC. Vertex Ventures is the first to receive approval for a SPAC. Personally I just think that this is a "con job" that try to bypass the rigors of a listing exercise, but SGX has no choice but try to keep up with the market. We, as investors, have no choice but to rely on the SPAC sponsor to find a good company and then reward them (not sure for what) with a good promote shareholding! Chey! 

So it will be a tougher 2022 if SPAC takes off but let's see if it will and i may need to sign off as 

Happy IPO SPACing! 

To end off, here is wishing all IPO readers a healthy, prosperous and a hot IPO year!



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