IPO proceeds will go towards expanding the business regionally and globally, among other uses

 

KARAOKE operator Goodwill Entertainment commenced trading on the Catalist board on Friday (Nov 15), opening at S$0.21 or 5 per cent above its initial public offering (IPO) price of S$0.20 a share.

 

As at 9.10 am, it was one of the most actively traded counters by volume it was trading flat at S$0.205 at that time, with 2.4 million shares worth S$510,000 having changed hands.

 

The company&rsquo s trading debut comes weeks after the company announced that its IPO closed 1.5 times oversubscribed.

 

The IPO, which consists of 60 million placement shares at S$0.20 per share, will raise S$12 million, with the company netting S$6.5 million.

 

The proceeds will be channelled into expanding the business regionally and globally, and also into acquisitions, investments in technology and general working capital needs.

 

Founded in 2015, Goodwill Entertainment operates multi-entertainment concepts, including karaoke facilities and performance halls.

 

&ldquo A lot of existing operators have karaoke rooms only, but we offer multi-entertainment concepts,&rdquo said Flint Lu (left), founder, CEO and executive chair of Goodwill Entertainment.

Karaoke operator Goodwill Entertainment aims to hit the right notes in Catalist IPO, raise S$6.5 million in net proceeds

 

It plans to open a central kitchen in Woodlands to handle its food and beverage offerings at its karaoke lounges and live-show concept. Many of its venues already have kitchens, but the central kitchen would ensure that the offerings are of the same standard.

 

The group will also launch craft beers brewed in its own microbrewery in its flagship HaveFun Karaoke outlet at Cineleisure Orchard.

 

Alongside enhancing its current offerings, Goodwill Entertainment is also said to be looking to team up with partners.