Yew Kee Duck Rice, Chicha San Chen franchise operator to raise S$16.6m in Catalist IPO

Uma Devi

Published Thu, Jan 26, 2023 · 07:28 PM

YKGI on Thursday (Jan 26) launched its initial public offering (IPO) for a listing on the Catalist board of the Singapore Exchange (SGX).

The group, which is best known as the operator of Yew Kee Duck Rice and bubble tea brand Chicha San Chen in Singapore, is looking to raise gross proceeds of about S$16.6 million.

It will put some 82.8 million shares up for sale at S$0.20 apiece in a placement tranche. Of these, about 53.8 million shares are new shares, while the remaining 29 million shares are vendor shares sold by the current shareholder.

These placement shares will constitute about 19.5 per cent of YKGI’s enlarged issued share capital post-IPO. There will be no public offer.

YKGI also raised about S$3.3 million in proceeds from issuance of 16.3 million shares to its cornerstone investors. These investors included Teo Kee Bock, founder of three-in-one beverage maker Super Group, and Huan Yong Group – the investment vehicle of Super Group co-founder Ronald Te and hi…