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Jumbo IPO attracts Temasek arm, OSIM boss

SINGAPORE — Seafood restaurant chain Jumbo Group has attracted an arm of Temasek Holdings and the founder of Asia’s biggest massage-chair maker OSIM as cornerstone investors for its S$40 million initial public offering here.

Jumbo IPO attracts Temasek arm, OSIM boss

A dish of chili crab at the Jumbo Seafood Riverside restaurant in Singapore. Photo: Bloomberg

SINGAPORE — Seafood restaurant chain Jumbo Group has attracted an arm of Temasek Holdings and the founder of Asia’s biggest massage-chair maker OSIM as cornerstone investors for its S$40 million initial public offering here. 

Jumbo is seeking a listing on the Catalist board, with trading expected to commence on Nov 9, it said today (Oct 28). An offering that size would be the biggest initial share sale this year in Singapore, data compiled by Bloomberg shows. Jumbo is selling 88.2 million new shares at S$0.25 apiece in order to raise capital as it seeks to open at least four new F&B outlets in China and Singapore during the next two years.  

Orchid 1 Investments, a company controlled by Temasek Holdings’ subsidiary Heliconia Capital Management, as well as OSIM founder Ron Sim, have agreed to subscribe for 72.1 million cornerstone shares worth a combined S$18 million. 

Mr Ang Kiam Meng, Jumbo chief executive officer, said: “Our IPO launch is a significant development in our corporate journey. This provides a platform for Jumbo to embark on a faster pace of business expansion.” 

The share application period will close at noon on Nov 5. WITH AGENCIES

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