Premium Catering (Holdings), which provides food catering services to foreign workers and others in Singapore, raised the proposed deal size for its upcoming IPO on Tuesday.
The Singapore-based company now plans to raise $10 million by offering 2 million shares (18% secondary) at a price range of $4.75 to $5.50. The company had previously filed to offer the same number of shares at a range of $4 to $5. At the midpoint of the revised range, Premium Catering (Holdings) will raise 14% more in proceeds than previously anticipated and command a market value of $82 million.
Premium Catering is a certified Halal food caterer in Singapore specializing in Indian, Bangladesh, and Chinese cuisine. Originally founded to supply budget prepared meals to foreign construction workers, the company has since expanded and diversified its business to supply budget prepared meals to a wider spectrum of customers, operate the Food Stall in the canteen of a dormitory, and provide buffet catering services for private functions as well as corporate and community events. It also provides ancillary delivery services.
Premium Catering (Holdings) was founded in 2012 and booked $4 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol PC. Bancroft Capital is the sole bookrunner on the deal.
