Singapore traditional coffee shop owner Kimly has launched an IPO, offering 173.8 million shares at 25 cents each.

Only 3.8 million shares are being made available for public subscription. The remaining 170 million shares will be placement shares. Kimly is expected to have a market value of S$288.7 million after the IPO.

It has a network of 64 food outlets under management and 121 food stalls across Singapore. It plans to use the net proceeds of about $40.4 million from the IPO for acquisitions, joint ventures as well as general business expansion. It also plans to refurbish and renovate its food outlets, as well as expand and upgrade its corporate headquarters and central kitchen.

The IPO closes at noon on March 16.

Photo: Straittimes