Food Innovators Holdings (FIH) Makes Catalist Debut
On October 16, Japanese food and beverage operator Food Innovators Holdings (FIH) began trading on the Catalist board under the code KYB. Let’s dive into the details of this exciting debut and what it means for investors.
Trading Performance
FIH opened at $0.20, which was 9.1% below its initial public offering (IPO) price of $0.22 per share. By 9.04 am, the stock price had further declined to $0.192, marking a 12.7% decrease from its IPO price. Approximately 45,000 shares worth $10,000 were traded at this point.
IPO Details
The IPO saw 14 million new shares of FIH being fully subscribed at $0.22 each. This included 13 million placement shares and one million public shares, amounting to 10.8% of the company’s total shares.
- 264 valid applications were received for a total of 6.3 million public shares.
- Subscription rate for public shares stood at an impressive 6.3 times.
- All 13 million placement shares were fully allotted, with CEO Yasuaki Kubota receiving 47,000 shares.
Utilization of Proceeds
The funds raised from the IPO will be used for:
- Expansion of FIH’s food retail business in and outside Japan.
- Acquisition of new Japanese food brands.
- General working capital needs.
Business Operations
Founded in 2019, FIH operates in two main segments:
- Food retail in Japan, Singapore, and Malaysia.
- Restaurant leasing and subleasing in Japan.
Under food retail, FIH owns and operates restaurant concepts while also assisting Japanese food brands in expanding their presence in other markets.
Financial Performance
In the fiscal year 2024, FIH reported:
- Net profit of $1.4 million, a turnaround from a loss of $3.4 million in the previous year.
- Revenue of $43.8 million, representing a growth of 10.3%.
Market Dynamics
FIH’s listing coincides with the upcoming delisting of Catalist-listed restaurant operator RE&S, known for yakiniku chain Yakiniku-Go and doughnut chain Mister Donut. RE&S is set to be delisted on October 17 following a buyout offer from a private equity firm.
Stay tuned for more updates on the performance and growth of Food Innovators Holdings as it navigates the dynamic food and beverage industry.
Source: THE BUSINESS TIMES