Koufu Group Limited, one of the most established and largest operators and managers of food courts and coffee shops in Singapore, and with a
presence in Macau, raised gross proceeds of S$75 million from its listing on the Main Board of the Singapore Exchange. It received strong support from institutional, high net worth and retail investors for its initial public offering of 97 million Shares at S$0.63 each.
Koufu's Public Offer of 6.3 million shares was 17 times subscribed while 21 million placement shares were collectively subscribed by cornerstone investors including Maxi-Harvest Group Pte. Ltd., One Hill Investments Pte Ltd. and Qilin Asset Management Pte Ltd.
Mr Pang Lim, Koufu's Executive Chairman and Chief Executive Officer, said, “This is a strong vote of confidence for our Group and a recognition of our established track record and gth plans. We would like to take this opportunity to thank our investors for their support, as we strive to bring the business to new heights and continue to keep to our core values: “Better Food”, “Better People” and “Better Life” as we g in Singapore and overseas.”
Koufu plans to use $30 million of the IPO proceeds to build a 20,000 square metre integrated facility to enhance productivity and operational efficiency, and $8 million to refurbish and renovate its F&B outlets.