Koufu shares close flat at S$0.63 on trading debut

Singapore

SHARES in FOOD court operator Koufu Group closed flat at S$0.63 on the company's trading debut on the mainboard on Wednesday, with about 34.6 million shares changing hands.

Koufu shares traded as high as S$0.66, up three Singapore cents or 4.8 per cent, at 9.03am before spending much of the later session trading between S$0.63-S$0.64.

Its shares opened trading on the Singapore Exchange's (SGX) mainboard at S$0.65, two cents or 3.2 per cent up on its initial public offering price.

With a market capitalisation of about S$350 million, Koufu Group Ltd's listing will boost SGX's consumer cluster to a total of 152 listings with combined market capitalisation of more than S$135 billion.

Pang Lim, Koufu's executive chairman and chief executive officer, said its listing was "a vote of confidence for our group and a recognition of our established track record and growth plans".

Simon Lim, SGX's head of equity capital market (sectors), said the company was "one of Singapore's most recognisable chain of food courts and coffee shops".

"We are excited to be the group's choice listing platform as it seeks to strengthen its presence in Singapore and overseas, drive productivity through innovation and automation, as well as expand into the online food ordering and delivery space."

At the close of Koufu's public offer at 12 noon on July 16, 3,170 valid applications were received for 107.7 million shares.

Application monies received amounted to about S$67.8 million, translating to the public offer being 17 times subscribed.

Koufu was founded by Mr Pang in 2002. His wife and executive director, Ng Hoon Tien, is a co-founder.