Home-grown kitchen equipment supplier launches IPO

A homegrown kitchen equipment supplier on Friday launched an initial public offering (IPO) for a listing on Catalist, the Singapore Exchange's second board.

Singapore Kitchen Equipment (SKE), which sells its products under the trade name Q'son Kitchen Equipment, is aiming to raise net proceeds of $3.275 million.

SKE is offering 23 million shares at 20 cents each, comprising 2.25 million public offer shares and 20.75 million placement shares.

The net proceeds will go towards growing the company's regional presence, acquiring fabrication equipment and machinery, and general working capital.

Founded in 1996 by its current management, SKE distributes and manufactures a range of kitchen equipment including cooking ranges and refridgeration products. It also provides equipment maintenance services.

The placement will close on 18 July, with trading due to start on 22 July.