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

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.

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