Shares in Japanese restaurant group RE&S Holdings, which operates brands such as Kuishin Bo, jumped as much as 64 percent above the IPO price in Wednesday's debut.
At 0640 GMT, RE&S was up 55 percent at S$0.34 on the Singapore Exchange compared to its IPo price of S$0.22, with nearly 12.7 million units changed hands.
The IPO saw the RE&S issue 38 million shares at 22 Singapore cents per share, with the offer for public and placement shares subscribed 37.8 times, the company said.
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.