Singapore’s food court operator Koufu files for SGX Mainboard IPO

SGX
A man checks his phone at the entrance of the Singapore Exchange Ltd. (SGX) headquarters in Singapore, on Thursday, Jan. 19, 2017. Photographer: Ore Huiying/Bloomberg

Food court operator Koufu Group has lodged a draft prospectus with the Monetary Authority of Singapore for its proposed IPO on the SGX Mainboard.

According to Business Times, the IPO could raise around S$85 million, which will be used to build an integrated facility to house a larger central kitchen, to revamp its F&B outlets and to fund other expansion plans.

Founded in 2002, Koufu started off as a chain of neighbourhood coffee shops and later expanded into large-scale modern food courts in residential areas as well as commercial shopping malls, within a span of 10 years. Today, it operates than 50 food courts and coffee shops.

Koufu is understood to have secured three cornerstone investors, namely Maxi-Harvest Group, Qilin Asset Management and One Hill Investments, which is affiliated to the Ho Bee Group’s family investment management vehicle.

The food court operator, which plans to start trading on July 18, will be the latest F&B company to list on the SGX Mainboard. Other F&B companies that have launched an IPO over the past year include restaurant chains RE&S and No Signboard Holdings.

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