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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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NoonTalk Media Limited

For Information Only


Sorry I missed this write up as I was traveling, hence this post is pure for records purpose. 

Even if I am around, I am unlikely to give it a good rating given just how poor market sentiments had been.

NoonTalk Media Limited ("NoonTalk" or the "Company") is a Singapore-based media entertainment company that specialises in artiste and talent management, multimedia production and event conceptualisation.

The Company is offering 22m shares at Singapore 22 cents each, of which 4.5m is via public offer and 17.5m via placement. Based on the IPO price, the market cap is S$43.6m

The IPO opened on 14 Nov and closed on 17 Nov 12 Noon. 

 I have never seen such a "short" IPO window. I am sure they met the legal requirement for the minimum IPO roadshow period but to have it for 2.5 days, it means that they have already placed out the hands to friends and family before launching the IPO. 

The books were covered by Lim Hock Leng (MD of Sheng Siong Group) who took 4.4m shares, Union Energy (2m shares) and Qilin Wealth Fund - Family Office (1.35m).

Dasmond Koh, the founder and CEO owns about 62.55% of the Company post IPO and two other popular artists who worked for him are Xu Bin and Kimberly Chia.

I don't really know how to value this Company as it is project driven and it is also tough to account for the "extra income" received by their artistes. For example, the red packets received by these artistes, do they go to the Company or to their pockets directly? lol. 

Thankfully I don't have to give them any chilli ratings! I just cut and paste the pictures below from the IPO prospectus for reference.

Company Prospects

Core Business Segments


Competitive Strengths



Profit and Loss

As you can tell from the profit and loss statement, the Company is making barely any profits over the last 3 years





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