Singaporean foodcourt operator Koufu has priced its initial public offering (IPO) at 0.63 Singapore dollar ($0.46) a share, ahead of a listing on the Singapore exchange mainboard.

The IPO will raise net proceeds of 70.5 million Singapore dollar ($51.7 million), through the sale of 51.2 million new shares and 45.8 million shares.

Koufu plans to use a part of the IPO proceeds to build an integrated facility to house a larger central kitchen, central dishwashing facility, as well as training and research and development centers. The company will also use the money to refurbish and renovate its food and beverage outlets and fund other expansion plans.

Construction is expected to be completed in the second half of 2020.