Restaurant chain Jumbo plans $30m IPO

It plans to expand somewhere else.

Jumbo Group, the Singapore restaurant chain known for its chili and black pepper crabs, plans to sell shares in an initial public offering next year, according to a person with knowledge of the matter.
A report by Bloomberg says that the company, controlled by the Ang family, plans to raise about S$30 million ($24 million), the person said, asking not to be identified as the process is private. Jumbo intends to use some of the proceeds to expand in China, according to the person.

Here’s more from Bloomberg:

Jumbo, led by Chief Executive Officer Ang Kiam Meng, was founded in 1987 and operates restaurants serving a range of cuisines from seafood to pork rib soup to ramen, according to its website. In July last year, it lost a chili crab cooking challenge to celebrity chef Gordon Ramsay. The company opened its first overseas restaurant in Shanghai in December.

“While we do not discount such plans, we cannot comment on market speculations,” Ann Chan, an external spokeswoman for Jumbo, said in an e-mailed response to questions about the IPO.