Neo Group

Neo Group: IPO debut on SGX Catalist today. The home grown food caterer’s IPO was 15x subscribed. On offer were 1m shares available to the public and 21m placement shares, at $0.30 apiece. The company, which reported revenues of $38.4m and profits of $5.4m for FY12, plans to distribute dividends of at least 60% of net profit for the next three years. The co said that it intends to use the net IPO proceeds of ~ $5m to expand and develop its food catering business and food retail business. It may also carry out acquisitions, joint ventures and strategic alliances. Euromonitor ranked the company as Singapore's number-one events caterer, with a 9.0% share of the $306.6 m market.