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Japanese F&B group RE&S saw 37.8 times subscription for invitation shares in IPO

JAPANESE multi-brand food and beverage (F&B) group RE&S Holdings Limited has received strong interest from investors for its initial public offering (IPO) of 38 million shares at 22 Singapore cents apiece.

The invitation for the public offer shares and the placement shares (excluding six million reserved shares) was 37.8 times subscribed, it said.

Among institutional investors that have subscribed for the placement shares are Affin Hwang Asset Management Berhad, JF Asset Management Limited, Lion Global Investors Ltd, Nikko AM Asia and Qilin Asset Management Pte Ltd, which have each been allotted 5 per cent of the invitation shares.

"We are heartened by the overwhelming response to our IPO, which represents investors' confidence in RE&S' track record, diversified portfolio of unique and distinct brands, our infrastructure which includes our corporate headquarters and central kitchen and positive outlook for the F&B industry in Singapore," said Hiroshi Tatara, founder, executive director and president of RE&S.

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"We are glad that with our listing, many of our stakeholders - including the public - are now able to participate in RE&S's growth," Mr Tatara said.

RE&S executive director and CEO John Yek noted that the listing will not only enlarge the group's capital base for continued expansion of its business, but also enhance its visibility for potential opportunities to grow inorganically.