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Food Junction offers 20 mln shrs in Singapore IPO

09-Nov-2001

Food Junction Holdings Ltd, which runs 15 food courts in Singapore and two in Malaysia, said on Friday it was offering 20 million new shares at S$0.20 each in an initial public offering (IPO).

Singapore-based Food Junction, which is seeking a listing on the second board, said the whole issue would be placed out to investors as well as business associates and employees.

 

The offer is priced at about 8.3 times the company's historical net price/earnings ratio.

 

Food Junction said net proceeds of about S$2.85 million ($1.57 million) would be used to expand its business.

 

For the 11 months ended in August, the group recorded turnover of S$35.4 million and profit of S$2.9 million, an increase of 35 percent and 39 respectively over the previous comparable period.

 

Keppel TatLee Bank, a unit of OCBC Bank OCBC.SI, is lead managing the issue, which closes on November 16. Trading in the shares is due to start on November 19.

 

Food Junction's IPO is only the third in Singapore since the September 11 attacks on the United States after offerings by information technology infrastructure company Lantrovision (S) Ltd and CapitaLand's CATL.SI SingMall property trust.

 

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