Seafood restaurant owner Jumbo Group launches IPO

Seafood restaurant owner Jumbo Group launches IPO
To raise about S$22 million, Jumbo Group is offering a total of 88.23 million shares at 25 cents each.

POSTED: 28 Oct 2015 21:45 UPDATED: 28 Oct 2015 23:20
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SINGAPORE: Jumbo Group, which runs a chain of seafood restaurants, has launched its initial public offering (IPO) to raise about S$22 million through a listing on the Catalist board. It is offering a total of 88.23 million shares at 25 cents each for the IPO.

About two million shares will be made available to the public while the remainder will be offered on a placement basis.

In a statement on Wednesday (Oct 28), Jumbo said investment firm Orchid 1 Investments and Osim International CEO Ron Sim have separately subscribed a total of 72.1 million shares as cornerstone investors. Orchid 1 Investments is a company managed and controlled by Temasek Holdings subsidiary Heliconia Capital Management Pte Ltd.

Based on the IPO price, Jumbo will have a market capitalisation of approximately S$160.3 million.

Jumbo has a total of 14 F&B outlets in Singapore and two outlets in China under five restaurant brands which include Jumbo Seafood and JPOT.

Going forward, the company said it plans to launch at least four more outlets in Singapore and China over the next two years. Jumbo also plans to refurbish and renovate its existing outlets to enhance its customers’ dining experiences.

The IPO closes on Nov 5 and Jumbo shares are expected to start trading on a “ready” basis on Nov 9.

- CNA/xk

- wong chee tat :)