SINGAPORE (July 17): Koufu Group, one of the largest operators of food courts and coffee shops in Singapore, says the public offering was about 17 times subscribed.

This came after valid applications for 107.7 million public offer shares were received for the 6.3 million shares on public offer share were received at the close of the offer at 12 noon on Monday.

Koufu is selling up to 97 million shares at $0.63 each, in conjunction with its proposed listing on the Mainboard of the Singapore Exchange.

Its initial public offering (IPO) also comprised a placement tranche of 90.7 million shares, including 5.5 million shares reserved for Koufu’s directors, management, employees and business associates.

Of the 85.2 million placement shares, indications of interest were received for 552.5 million placement shares. All the reserved shares were allocated too.

Separate from the offering, Maxi-Harvest Group, One Hill Investments and Qilin Asset Management also entered into a cornerstone subscription agreement with Koufu to subscribe for an aggregate of 21 million cornerstone shares at the offering price.

The offering and the issuance of the cornerstone shares will raise net proceeds of approximately $70.5 million, of which approximately $43.0 million will be due to Koufu.

Pang Lim, Koufu’s Executive Chairman and Chief Executive Officer, says this is a strong vote of confidence for our group and a recognition of its established track record and growth plans.

The post-offering market capitalisation of Koufu is expected to be approximately $349.8 million.

The listing and trading of Koufu shares is expected to start at 9am tomorrow, under the stock code “VL6”.