No Signboard
Image for representation purposes only. Reuters

No Signboard Holdings Ltd, known for its signature white pepper crab dish, on Thursday said it would issue about 65.7 million invitation shares as part of its Catalist listing.

The shares would be issued at a price of SS$0.28 apiece, raising nearly S$35 million in gross proceeds, and S$30 million in net proceeds, the company said.

Proceeds will go toward developing the company's beer operations, which sell proprietary brews under the Draft Denmark brand, as well as establishing a new chain of casual dining restaurants and expanding its ready meal business.

No Signboard said that the invitation shares comprise 15.7 million new shares and 50 million vendor shares. Of the invitation shares, 2.5 million offer shares at S$0.28 apiece will be issued by way of public offer, while some 63.2 million placement shares at S$0.28 apiece will be issued by way of placement.

The deal comes at a time when Singapore's Straits Times Index is trading at a two-year high as it rides the global stock market rally.

Earlier this week, Japanese restaurant group RE&S Holdings, which operates brands such as Kuishin Bo, got listed on the SGX, with its shares soaring 64 percent above the IPO price in trading debut.