Singapore's largest traditional coffee shop operator marked a stellar debut on the Singapore Exchange, or SGX, with shares trading 120 percent above its initial public offer (IPO) price on debut.
As well-caffeinated senior executives stood side by side for the ceremonial banging of the gong at the commencement of SGX trade, the gathered crowd hollered and applauded in surprise as the stock surged to S$0.55 Singapore cents, well above its S$0.25 cents offer price.
"We are heartened by the reception that we have received for our IPO and look forward to further enhance and grow our operations to reward our shareholders," said Kimly Limited Executive Director Vincent Chia.
"With our listing, we now reach out to an even bigger market who can partake in the flavors of Kimly not only as customers but also as our shareholders."
Kimly issued 173.8 million new shares, representing 3.8 million offer shares for 25 cents each and 170-million placement shares for the same price.
The Temasek Holdings unit Heliconia Capital Management was a pre-IPO investor in the chain via its agreement with Vanda 1 Investments. The ICH Gemini Asia Growth Fund, managed by ICH Gemini, was also an investor. The two funds collectively hold 25-million conversion shares in the company, representing 2.17 percent of its post invitation share capital.