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THE company behind the No Signboard Seafood chain of restaurants will raise about S$35 million from an initial public offering (IPO) and cornerstone placement of shares at S$0.28 apiece.
In an offer document released on Thursday, No Signboard said it will offer 65.7 million shares in its bid to list on the Singapore Exchange's Catalist board. The offering comprises 15.7 million new shares and 50 million vendor shares sold by an investment vehicle controlled by chief executive Sam Lim and chief operating officer Lim Lay Hoon, both siblings.
Of the invitation shares, 2.5 million will be offered for public subscription, and the remaining 63.2 million will be placed out.
The offering price values No Signboard at S$129.5 million, and represents 13.9 times the company's earnings per share for the year ended September 2016.
Cornerstone investors, which include Asian Opportunities Absolute Return Master Fund, Goi Kok Ming, JPMorgan Asset Management (Singapore), Lam Choon Sen David, LB Asset Management, Lion Global Investors, OSC Investments Capital and Qilin Asset Management, have each entered into a separate but concurrent cornerstone subscription agreement for an additional 59.3 million new shares at the same price.
At listing, the Lim siblings' investment vehicle, GuGong, will hold a 73 per cent stake in No Signboard, while the cornerstone investors will control 12.8 per cent. The public will hold the remaining 14.2 per cent of the company's shares.
The IPO will close at noon on Nov 28, and trading will begin on Nov 30.
RHT Capital is the issue manager and sponsor, and OCBC Bank is the bookruner, underwriter and placement agent, of the listing.