Shares in Food Innovators Holdings (FIH) closed at 21 cents apiece on its first day of trading, below its 22-cent IPO price.
FIH, which was incorporated in 2019, is a Japan-based F&B group specialising in restaurant leasing and subleasing. The group focuses on matching properties and tenants in the restaurant business in Japan, and is also involved in the food retail business.
Currently, the company has since expanded to various locations overseas and currently operates restaurants in Japan, Singapore and Malaysia. It currently operates a total of 26 restaurants, one bakery cafe and one central cafe bakery kitchen.
The company had issued 14 million shares, including 1 million invitation shares, which were made available through placement.
Out of the 13 million placement shares available, a total of 28 valid applications were received, which includes 47,000 placement shares allotted to Kubota Yasuaki, CEO of FIH.
A total of 264 valid applications were submitted for a total of 6.3 million public offer shares. Based on the 1 million public offer shares available for subscription, the public offer was approximately 6.3 times subscribed.
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PrimePartners Corporate Finance was appointed as the sponsor, issue manager, underwriter and placement agent of the group for its IPO.
Yasuaki says: “The successful completion of our IPO marks a pivotal point in the group’s journey to bring authentic and quality Japanese cuisines to international markets. With our deep-rooted expertise in the industry, we are confident of capitalising on new opportunities and expanding our restaurant network across domestic and international markets.”
Koh Jin Hoe, head of capital markets, global sales and origination, SGX Group, adds: “Food Innovators’ strengths in offering comprehensive solutions for restaurant management and introducing innovative brand concepts position them well to capture new markets. We congratulate them on their successful listing and look forward to supporting their continued growth.”
