SINGAPORE (Nov 29): No Signboard, the F&B player and homegrown operator of a chain of seafood restaurants, says the public tranche of its initial public offering (IPO) was 268.6 times subscribed.

See: Getting in on the IPO frenzy

This was based on valid applications for 671.4 million for the 2.5 million offer shares available to the public for subscription at the close of the invitation at 12 noon on Tuesday.

In addition, valid applications for about 63.1 million shares were received for the roughly 63.2 million available for subscription by way of placement.

No Signboard says the 125,000 placement shares that were not validly subscribed to were used to satisfy excess applications for the public tranche shares.

Overall, ttal valid applications for 1.55 billion shares were received for the 65.7 million shares on public offer and placement offer, making the IPO 23.6 times subscribed.

No Signboard plans to use the net proceeds raised from the invitation and the issue of cornerstone shares of $18.7 million to establish a new chain of casual dining restaurants; develop its beer business and ready-to-eat meal business as well as for general working capital purposes.

The trading of shares in No Signboard on the Catalist Board of the Singapore Exchange will start on Thursday at 9am.