PappaRich Malaysia considering IPO
Food chain PappaRich Malaysia is considering a Singapore IPO, possibly this year.
Insiders say the company, which opened its first restaurant in Malaysia in 2006, aims to achieve a valuation of at least S$200 million (US$140 million) in the share sale.
PappaRich would follow other Southeast Asia-based restaurant chains including ABR Holdings, which runs Swensen’s ice cream parlours, and kopi tiam restaurant chain Oldtown in gaining a listing to fund expansion.
A PappaRich representative says a listing has always been a consideration as the company considers fundraising options to support its expansion plans.
Oldtown, which makes instant coffee and runs cafes, has risen 18 per cent in Kuala Lumpur trading over the past 12 months, and shares of Thai dessert chain After You, which raised US$21 million in a Bangkok IPO last month, have surged 167 per cent from their offer price.
More than a million customers dine at the PappaRich outlets monthly, according to its website. The company has about 100 outlets globally including Australia, China, New Zealand, Singapore and the US.