In public offering developments on the Singabore bourse, MindChamps PreSchool Limited, an operator and franchisor of premium-range preschool centres, saw its IPO generate gross proceeds of approximately $34.3 million. Meanwhile, restaurant operator No Signboard Holdings Ltd plans to raise an estimated S$35 million ($26 million) from its initial public offering (IPO) on the Singapore Exchange (SGX), with a cornerstone placement of shares priced at 28 cents.
MindChamps raises $34.3m in Mainboard listing
MindChamps PreSchool Limited, an operator and franchisor of premium-range preschool centres in Singapore, saw its initial public offer (IPO) generate gross proceeds of approximately S$46.2 million ($34.3 million) on the SGX.
It opened trading at 83 cents per share. In recent years, the firm has expanded its franchise network to overseas markets including Australia, United Arab Emirates and the Philippines.
According to MindChamps, approximately S$44.6 million ($33.1 million) will be due to it and will fund its expansion plans, including potential acquisitions.
The IPO attracted interest from both institutional and retail investors, which saw its offer shares priced at 83 cents.
Institutional investors ICH Capital, Island Asset Management, JF Asset Management Limited, and SUTL Holdings. Cornerstone investors CFCG Investment Partners International (Singapore), the Hillhouse Capital-affiliated funds and Target Asset Management subscribed to an aggregate of 28.9 million shares, representing 11.97 per cent of the enlarged issue size.
The listing of MindChamps PreSchool Limited – which posts a market capitalisation of S$205.36 million – will boost SGX’s consumer cluster to a total of 149 listings with combined market capitalisation of more than S$150 billion.
No Signboard Seafood IPO to raise $26m, values firm at $96.2m
No Signboard Holdings Ltd., the company behind No Signboard Seafood, a Singapore restaurant operator noted for its signature white pepper crab dish, plans to raise an estimated S$35 million ($26 million) from its IPO on the Singapore Exchange (SGX), with a cornerstone placement of shares priced at 28 cents.
RHT Capital is the issue manager and sponsor, while OCBC Bank is the bookrunner, underwriter and placement agent, of this public listing.
IPO proceeds will go towards developing its beer operations, which sell proprietary brews under the Draft Denmark brand. In addition, it will be expanding through the launch of a new chain of casual dining restaurants, as well as expanding its ready meal business.
The current offering values the restaurant operator at S$129.5 million ($96.2 million) and represents 13.9 times its earnings per share for the year ended September 2016. The IPO will close at noon on 28 November and commence trading on the city-state’s bourse on 30 November.
The public float on the SGX Catalist will see the firm offer 65.7 million shares in an offering that comprises 15.7 million new shares and 50 million vendor shares sold by an investment vehicle, GuGong, controlled by chief executive Sam Lim and COO Lim Lay Hoon, who are both siblings. Invitation shares will see 2.5 million offered for public subscription, while the remaining 63.2 million shares will be placed out.
Post-listing, GuGong will hold 73 per cent in No Signboard, while cornerstone investors in the IPO – Asian Opportunities Absolute Return Master Fund, Goi Kok Ming, JPMorgan Asset Management (Singapore), Lam Choon Sen David, LB Asset Management, Lion Global Investors, OSC Investments Capital and Qilin Asset Management – will maintain a 12.8 per cent interest in the firm.