Serious Kopi-o IPO oversubscribed 335 times! Happy days are here again! Altogether no
 

An honorable member of the Coffee Shop Has Just Posted the Following:

http://m.todayonline.com/business/pu...ibed-335-times

Public tranche of Kimly’s IPO oversubscribed 335 times

Published: 10:55 PM, March 17, 2017

SINGAPORE — The public tranche of Kimly’s initial public offering (IPO) on the Singapore Exchange’s junior Catalist board has been oversubscribed by more than 335 times, as investors scrambled to get their hands on the shares of Singapore’s largest traditional coffee shop operator.

Kimly, which counts Temasek Holdings unit Heliconia Capital Management as a pre-IPO investor, had offered 173.8 million new shares at 25 cents each to raise about S$43.5 million in gross proceeds.

“As at the close of the invitation at noon on March 16, there were 14,828 valid applications for the 3,800,000 offer shares available to the public for subscription. These applicants applied for an aggregate of 1,278,122,400 offer shares, with application monies received amounting to approximately S$319.5 million,” Kimly said in a statement on Friday (March 17). This translates to a subscription rate of 336.3 times.

“Of the 170,000,000 shares available for subscription by way of placement, 169,422,000 placement shares were validly subscribed with application monies received amounting to approximately S$42.4 million,” it added. The placement shares that were not validly subscribed for have been made available to satisfy excess applications for the offer shares, it said.

The entire offering was approximately 8.3 times subscribed, the company said.

Mr Vincent Chia, Executive Director of Kimly said: “We are very encouraged by the positive response to our IPO from the investors, and we believe their warm reception underscores the strength of Kimly’s business fundamentals and our future growth potential.”

“We will be focusing on using technology to increase our operational efficiencies as well as to cater to the increasing number of tech-savvy customers, such as providing an online platform to order our food products,” he added.

Kimly, with 26 years of experience, operates and manages a network of 64 food outlets and 121 food stalls across the heartlands of Singapore. It also operates a central kitchen that supplies sauces and semi-finished food products to its food stalls, which enables it to have better control over its business processes and generate cost savings.

Shares of Kimly will begin trading at 9am on Monday.


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