SINGAPORE - Shares of Kimly Ltd, the first coffee shop operator to list on the Singapore Exchange, soared on its their trading debut on the Catalist board on Monday (March 20).
The counter opened trading at 55 Singapore cents, 120 per cent above its initial public offering price of 25 cents. At 11:30am, it was trading at up 82 per cent at 45.5 cents with a hefty 88 million shares changing hands, keeping it the most active stock.
Kimly's entire 173.8 million share offering was 8.3 times subscribed, with the public tranche of 3.8 million shares subscribed 336 times. The IPO raised S$43.5 million in gross proceeds.
Started 26 years ago, Kimly now 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.
The company counts Temasek Holdings' unit Heliconia Capital Management as a pre-IPO investor.
In a market update on Monday, SGX said it lists 11 restaurants and three food retail stocks with a combined market capitalisation of about S$20 billion. The 14 stocks averaged a total return of 9.8 per cent year to date, with the three strongest performers being LifeBrandz, Dairy Farm, and ABR Holdings.