Ichiban Sushi owner RE&S Holdings to list on Catalist on Nov 22

Japanese restaurant group RE&S Holdings, which operates the brand Kuishin Bo, on Wednesday launched its initial public offering (IPO) of 38 million shares at S$0.22 a piece.

RE&S Holdings
Japanese cuisine at a restaurant. Reuters

Japanese restaurant group RE&S Holdings, which operates the brand Kuishin Bo, on Wednesday launched its initial public offering (IPO) of 38 million shares at S$0.22 a piece.

Of the 38 million shares, 35 million shares are being placed and remaining are for public subscription, the company said in a press release.

Private equity firm Heliconia Capital Management, a unit of Temasek Holdings, has agreed to subscribe for 16 million shares at S$0.22 per share through Orchid 2 Investments, a vehicle it manages and controls.

The company plans to use proceeds of S$11.9 million for business expansion, refurbishment and improvement of its existing outlets and general working capital requirements.

Established in 1988, RE&S is the owner and operator of 77 food and beverage outlets in Singapore and Malaysia. It earned revenue of S$140.9 million in the year ended June 30, 2017.

Its brands include Kuriya Dining, Shimbashi Soba, Ton Tei Japanese Restaurant, and Gokoku Japanese Bakery.

The listing and trading of RE&S' shares on the Catalist board of the Singapore Exchange is expected at 9.00 a.m. on November 22.

The company has appointed DBS Bank as the sponsor and underwriter for the IPO.

This article was first published on November 15, 2017
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