SINGAPORE – Japanese restaurant operator Food Innovators Holdings plans to raise $3.1 million through listing on the Singapore Exchange (SGX) Catalist board.
The proceeds of the initial public offering will go towards introducing new Japanese brands and concepts in Singapore and Malaysia and buying the rights to operate more themed restaurants in Japan and overseas, it noted on Oct 9.
The company also hopes to ride the growing wave of popularity of Japanese culture and food in Singapore and Malaysia, said chief executive Kubota Yasuaki, through an interpreter.
Mr Yasuaki told The Straits Times: “We think that Singapore is the central hub of the Asian economy. Our plan is to operate food and beverage restaurants in Japan and also outside Japan, mainly in Asia. Singapore is a multicultural country, so we think that Singapore is a good place to be listed.”
He added that being listed here will help the company to be more well known in Asia and increase its credibility in Japan, enabling it to raise debt financing from Japanese banks.
The plan is to eventually list on the SGX mainboard in several years, he said.
Food Innovators Holdings is offering 14 million shares – 13 million placement shares and one million for public subscription at 22 cents apiece. If all shares are fully subscribed, the group will have a market capitalisation of $24.9 million upon listing.
The company runs 10 outlets in Singapore such as tempura rice bowl restaurant Tendon Kohaku, unagi eatery Man Man, Japanese skewers bar Yatagarasu, Hokkaido barbecue joint The Hitsuji Club and beef grill The Ushi Club. These are collaborations with local Japanese restaurant operators.
It also operates four restaurants in Malaysia, a bakery cafe and a central kitchen facility.
It has 12 restaurants in Japan, including a
