THE public offer for Koufu's shares, which were priced at S$0.63 apiece, was 17 times subscribed in its initial public offering (IPO) that ended on Tuesday, the food court operator said.
The offering, which is subject to an over-allotment option, comprised a placement tranche of 90.7 million shares, and a public offer of 6.3 million shares.
At the close of the public offer at 12 noon on July 16, 3,170 valid applications were received for 107.7 million shares. Application monies received amounted to about S$67.8 million, translating to the public offer being 17 times subscribed.
Excluding reserved shares, of the 85.2 million placement shares available, indications of interest were received for about 552.5 million placement shares with a total value of S$348.1 million. The valid acceptances for the reserved shares resulted in all 5.5 million of them being allocated.
Separately, three cornerstone investors, namely Maxi-Harvest Group, One Hill Investments, and Qilin Asset Management, have also subscribed for 21 million shares.
Related story: Koufu prices IPO at S$0.63 a share
The offering and the issuance of cornerstone shares will raise net proceeds of S$70.5 million, of which S$43 million will go to Koufu. Post-offering, Koufu's market cap is expected to be about S$349.8 million.
The listing and trading of Koufu's shares is expected to commence on a "ready" basis at 9am on July 18.
Looking ahead, the company said that it has outlined a "clear roadmap" for growth. This includes expanding its network of F&B outlets, establishing a proposed integrated facility, exploring joint ventures and acquisitions, as well as expanding its online food ordering and delivery services.
Koufu was founded by executive chairman and CEO Pang Lim in 2002. His wife and executive director, Ng Hoon Tien, is a co-founder. They will own 78.7 per cent of Koufu after the IPO, or 75.5 per cent if an over-allotment option is exercised in full.
The two have agreed to a six-month lock-up period on their shares.