SINGAPORE (Nov 15): Japanese multi-brand F&B group RE&S has launched an initial public offering of 38 million shares at 22 cents each in conjunction with its proposed listing on the Singapore Exchange.

Separately, RE&S says that Orchid 2 Investments, which is managed and controlled by Heliconia Capital Management, a wholly-owned subsidiary of Temasek Holdings, has agreed to subscribe for 16 million cornerstone shares at the invitation price.

Through both the invitation and issuance of cornerstone shares, RE&S is looking to raise gross proceeds of $11.9 million and net proceeds of $10.4 million, which it intends to use mainly for business expansion purposes by establishing new F&B outlets or entering into acquisitions, joint ventures or strategic alliances, among others.

In its press release on Wednesday, the group says it intends to grow its number of F&B outlets under its Quick-Service Restaurants, Convenience and Others segment in Singapore to address the rising needs of consumers who have busy lifestyles and would prefer not, or are unable, to prepare their own meals.

RE&S recently opened its first Japanese food alley under its Shokutsu Ten brand at Jurong Point Shopping Centre. Group executive director and CEO, John Yek, describes the concept as a self-serving dining space focusing on providing customers with quick-service and convenience dining options.

“Moving ahead, we also plan to further tap into the market for ready-to-eat meals by exploring opportunities to increase our network of Food Retail Outlets under our Kuriya Japanese Market brand and sales of food offerings at supermarkets under consignment arrangements,” says Yek.

Hiroshi Tatara, founder, executive director and president of RE&S, says the group’s listing is timely as it seeks to further enhance its standing in the F&B industry, increase the visibility of its brands, as well as profile and position itself for its next phase of growth.  

“We believe that we have developed a strong market presence with our quality food and service, as well as established a track record in developing brands which appeal to evolving consumer tastes and preferences,” he adds.

The IPO will close at 12 noon on Nov 20, while the listing and trading of the group’s shares are expected to commence on a ready basis at 9am on Nov 22.