Kimly enjoys 120% IPO pop

COFFEESHOP master leaseholder and food outlet operator Kimly opened trading at S$0.55, 120 per cent above its initial public offering price of S$0.25.

Some 3.8 million shares at S$0.25 each were on offer to the general public, while 170 million shares were placed out.

The opening price was 27.4 times its pro forma earnings per share of 2.01 cents based on the post-invitation share capital of 1.15 billion shares, after adjusting for service agreements that include incentive payments to two executive directors.

By 9.11am, almost 30 million shares have been traded.