KARAOKE and live show operator Goodwill Entertainment has announced that its initial public offering (IPO) on the Catalist board of Singapore Exchange has been 1.5 times oversubscribed.
In a press release on Thursday (Oct 31), the company said that anchor investors for the IPO are Asew Acquisition, ICH Capital and K-IX Capital.
Vincent Toe, CEO of ICH Capital, said: “We’ve invested in Goodwill Entertainment because they’ve identified and addressed a clear gap in the market – the need for quality family-friendly entertainment spaces that bring people together.”
The IPO, which consists of 60 million placement shares at S$0.20 per share will raise S$12 million, with Goodwill Entertainment netting S$6.5 million. The net proceeds from the IPO will be used to expand the business regionally and globally, acquisitions, investments into technology and general working capital needs.
Flint Lu, executive chairman and CEO of Goodwill Entertainment, said: “We’re excited to invite investors to join us as we continue to innovate and expand, capitalising on the cultural affinity for karaoke and the growing appetite for experiential entertainment across the region.”
Shares of Goodwill Entertainment is expected to commence trading at 9 am on Nov 15.