Goodwill Entertainment Catalist IPO 1.5 times oversubscribed

KARAOKE and live-show operator Goodwill Entertainment has announced that its initial public offering (IPO) on the Catalist board of Singapore Exchange has been 1.5 times oversubscribed.

In a statement on Thursday (Oct 31), the company said anchor investors for the IPO are Asdew Acquisitions, ICH Capital and K-IX Capital.

Vincent Toe, chief executive of ICH Capital, said: “We’ve invested in Goodwill Entertainment because it has identified and addressed a clear gap in the market – the need for quality, family-friendly entertainment spaces that bring people together.”

The IPO, which consists of 60 million placement shares at S$0.20 per share, will raise S$12 million, with Goodwill Entertainment netting S$6.5 million. The proceeds will be channelled into expanding the business regionally and globally, and also into acquisitions, investments into technology and general working-capital needs.

Flint Lu, executive chairman and CEO of Goodwill Entertainment, said: “We’re excited to invite investors to join us as we continue to innovate and expand, capitalising on the cultural affinity for karaoke and the growing appetite for experiential entertainment across the region.”

Shares of Goodwill Entertainment are expected to commence trading at 9 am on Nov 15.