(you may find the IPO prospectus here. in this post, I list some of my thoughts on the IPO) About Kimly Kimly has a total of 64 food outlets, including 56 coffee shops, 3 industrial canteens and 5 food courts. They claim to own a 5.8% market share in Singapore's food outlets as of 30th September. Apart from being a master leaseholder, Kimly also operates 121 food stalls and a Central Kitchen. This IPO is underwritten and placed by UOB KayHian. IPO Valuation First of all, the IPO details are confusing due to the vast difference in bottom line between the Audited results and the Pro Forma results. This difference is due to Kimly consolidating minority shareholders' interests recently in preparation for the IPO. The Audited results are un-consolidated as they were prepared prior to consolidation, and thus profit attributed to owners of the company is vastly different......