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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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VTAC - Balloting Results

Vertex Technology Acquisition Corporation Ltd ("VTAC"), a special purpose acquisition company ("SPAC") incorporated for the purpose of effecting an initial business combination, is pleased to announce that it has successfully completed, and received strong demand, for its International Placement and Public Offering.

The Public Offering of 0.6 million Units was approximately 36.0 times subscribed. The International Placement of 11.2 million Units was approximately 8.8 times subscribed.

VTAC Chairman Mr. CHUA Kee Lock (蔡其乐) said, "We believe the strong demand for Units in VTAC underscores the trust that investors have in the competence of our management and the value of our Sponsor's global network, well-established shareholder ecosystem and deep local expertise. The positive result from our IPO is only the beginning. From here on we will focus on achieving a successful initial business combination and seek to create long-term value for the target company and our stakeholders."

The Over-Allotment option was also exercised and additional 2.36m units were issued. The balloting table for the public offer is as below:



Investors who applied for the shares will have a 24% chance of being allotted. Investors who applied for $100,000 or 20,000 shares will get 1,500 shares.

It will be interesting to see how the share price trades when it is listed at 2pm tomorrow as fundamentally, there is no reason why it should trade above $5.

Happy VTACing
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