No Signboard’s IPO more than 23 times subscribed

No Signboard’s IPO more than 23 times subscribed

No Signboard
No Signboard plans to use the IPO proceeds to develop the company's beer business, establish a new chain of casual dining restaurants and expand its ready meal business. (Photo: Facebook/No Signboard Esplanade)

SINGAPORE: No Signboard Holdings, known for its signature white pepper crab dish, said on Wednesday (Nov 29) that its initial public offering was 23.6 times subscribed.

No Signboard will begin trading on the Catalist board at 9am on Thursday. It had priced its shares at 28 cents apiece.

The offering comprised 65.7 million shares, of which 2.5 million shares were available to the public and the rest were by way of placement.

At the close of the invitation at noon on Tuesday, there were 7,620 valid applications for the 2.5 million shares available to the public. These applicants applied for an aggregate of 671.4 million shares with application monies received amounting to about S$188.0 million, resulting in the public tranche being 268.6 times subscribed, the company said.

“We are very encouraged by the overwhelming response to our IPO from cornerstone investors, institutional investors and the public, as they clearly recognise our growth potential," said Mr Sam Lim, executive chairman and chief executive officer of No Signboard.

"We have had over 30 successful years in the F&B business and ... we will focus on our expansion roadmap that includes launching a new casual dining concept, expanding our premium beer operations and venturing into the ready meal business,” he added.

Cornerstone investors include Goi Kok Ming, chief operating officer of mainboard-listed GSH Corp, which owns properties in Singapore and Malaysia and has interest in the food logistics and warehousing business in China.

No Signboard’s public listing has been compared closely to its long-time rival Jumbo Group, whose shares have more than doubled since its IPO in November 2015.

Jumbo, which is also listed on the Catalist board, had sold shares at 25 cents in its IPO.

On its first trading day, the shares rose as much as 58 per cent to an intraday high of 39.5 Singapore cents before ending the session at 34 cents, or a gain of 36 per cent.

It closed at 56 cents on Wednesday.

Source: CNA/aj

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