Singapore karaoke operator launches Catalist IPO

Goodwill Entertainment seeks to raise 12m, offering 60 million shares at 20 cents each

- Timothy Goh

Local karaoke and live show operator Goodwill Entertainment has completed its registration to list on the Catalist board of the Singapore Exchange (SGX) with its initial public offering (IPO) 1.5 times oversubscribed, the company said on Oct 30.

Goodwill, which operates several entertainment venues including dance halls and family-friendly karaoke lounges, is offering 60 million shares at 20 cents each, comprising 42.5 million new shares and 17.5 million vendor shares, with none available for the public.

The company seeks to raise $12 million in gross proceeds from the sale of the new and vendor shares, and net proceeds of $9.8 million. However, the company will not receive the proceeds from the sale of the vendor shares, which were sold by Mengkim, a controlling shareholder of the company.

Mengkim is a company incorporated in 2005. Its shareholders are Mr Thang Teck Jong, Goodwill Entertainment's board vice-chairman and non-executive director, and his wife Kong Ling Ting.