Kimly Limited: Initial Public Offering
商品編號：9B18N026
出版日期：2018/12/20
再版日期：
商品來源：
商品主題：Finance
商品類型：
涵蓋議題：family firm, IPO, relative valuation, discounted cash flow
難易度：4 - Undergraduate/MBA
內容長度：14 頁
地域：Singapore
產業：Accommodation & Food Services
事件年度：2017
On March 8, 2017, Singapore-based food outlet operator Kimly Limited (Kimly) announced its intention to go for an initial public offering (IPO). Through this IPO, it aimed to raise SG$43.5 million. Altogether, 173.8 million new shares would be issued at SG$0.25 per share, comprising a retail tranche of 3.8 million shares and a placement tranche of 170 million shares. The chances of successfully getting Kimly’s IPO shares were slim, given the small retail tranche. In addition, the controlling shareholder and other key shareholders were subject to lock-up periods, which would prevent a short-term overhang of the shares. These factors implied that the supply of Kimly’s shares would be scarce in the initial six months after the IPO, which could have a positive impact on the share price. A retail investor, drawn to the issue because of Kimly’s identity as a family firm, applied for the IPO and was also considering purchasing shares in the aftermarket later in March. Was this a worthwhile investment, and if so, what should this investor’s maximum price be? Should such an investor plan to sell immediately or hold for the long term?
教學手冊：Kimly Limited: Initial Public Offering - Teaching Note
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