Food Innovations Holdings (FIH) makes first showing on Singapore Exchange (SGX)

SINGAPORE – Japanese restaurant operator Food Innovators Holdings (FIH) has made its formal debut on the Singapore Exchange Securities Trading Limited (SGX-ST).

The company debuted on October 16. The operator issued 14 million shares in its initial public offering (IPO) to raise SG$3.1 million (US$2.4 million). The IPO closed on October 14.

FIH closed its first listed day at SG$0.22 (US$0.17).

The company is the second Japanese firm to be listed on SGX-ST after Miyoshi, the precision component manufacturer.

The operator revealed that the IPO proceeds will be primarily channeled towards acquiring the right to operate additional themed restaurants in Japan and introducing new Japanese-themed food and restaurant brands in Malaysia and Singapore.

FIH operates two major business divisions- the Restaurant Leasing and Subleasing Business (RLSB) and the Food Retail Business (FRB).

The RLSB segment matches real estate properties with restaurant tenants, which generates a stable recurring rental income spread in 215 subleased properties. This business segment has an occupancy rate of 99.2%.

In the 2023/2024 financial year, the RLSB segment contributed 43.9% of FIH’s total revenue, which amounts to SG$19.6 million (US$14.9 million).

As an operator, the company has established, operates, and manages 26 restaurant brands across Japan, Malaysia, and Singapore.

These restaurants specialize in different types of quality traditional Japanese cuisines, forming the FRB wing.

The FRB business wing contributed SG$24.2 million (US$18.4 million) to FIH’s revenues, which accounts for 56.1% of the company’s total revenues.

FIH also provides consultancy services and kitchen equipment leasing services for restaurants in the three countries, which complement the two main business wings.

The IPO listing and subsequent first showing come barely a month after FIH formally lodged its preliminary offer document for the IPO and listing.

Yasuaki Kubota, FIH’s CEO welcomed the listing and expressed confidence in Singapore’s well-established financial and legal infrastructure, which he describes will help in catalyzing the company’s growth in the country and Southeast Asia.

He also revealed that FIH plans to introduce new Japanese good brands and innovative dining concepts in these markets, aiming to enhance its offerings and capture a wider range of customer segments. The operator will collaborate with local Japanese restaurant operators for strategic overseas expansion.

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