SINGAPORE (Nov 21): RE&S Holdings, the Japanese multi-brand F&B group, says the sale of 32 million invitational shares in conjunction with its Initial Public Offering was 37.8 times subscribed.

RE&S offered 38 million shares at 22 cents each in conjunction with its proposed listing on the Singapore Exchange, which included 6 million reserved shares.

See: RE&S launches IPO at 22 cents per share; enlists Temasek-linked entity as cornerstone investor

At the close of application at 12 noon on Monday, of the 3 million shares on public offer, applications for 580.3 million shares were received. Of the 29 million placement shares on offer, applications received were for 627.8 million shares.

Among the institutional investors who subscribed to the placement shares are Affin Hwang Asset Management, JF Asset Management, Lion Global Investors, Nikko AM Asia and Qilin Asset Management, which have each been allotted 5% or 1.6 million invitation shares.

Separate from the invitation, the cornerstone investor, Orchid 2 Investments, which is managed and controlled by Heliconia Capital Management, a wholly-owned subsidiary of Temasek Holdings, subscribed to 16 million cornerstone shares at 22 cents, for an aggregate subscription amount of $3.52 million.

Net proceeds of $10.4 million from the IPO sale will be used for business expansion through the establishment of new F&B outlets and through acquisitions, joint ventures or strategic alliances; refurbishment and improvement of existing outlets as well as for general working requirements.

Immediately after completion of the invitation and the issue of cornerstone shares, Orchid 2 Investments will have a stake of 4.5%.

Shares in RE&S expected will start trading at 9 am on Wednesday.