Mudman lists on MAI
Mudman (MM), a leading operator of global food and lifestyle brands, debuted on the Market for Alternative Investment (MAI) on Tuesday. The company said the listing aimed to strengthen its financial capability, enhance its competitiveness as part of its long-term business expansion plan, and create added value for the group.
Mudman is a holding company investing in global retail food and lifestyle brands such as Dunkin's Donuts, Au Bon Pain, Baskin Robbins and Greyhound. The company has a market capitalisation at its initial public offering of Bt5.54 billion.
The company is speeding up its local and overseas restaurant chain expansions, and by the fourth quarter it plans to open a Greyhound Café branch as its flagship store in the UK and use it as a springboard for further expansion through franchising in Europe, according to its statement on Tuesday.
It also seeks to increase the number of its branches in Thailand and new countries through franchising every year, as well as expand its M-Kitchen cafeteria management business to cover new establishments and increase the number of Dunkin Donuts, Au Bon Pain and Baskin Robbins stores in Thailand continuously.
Nadim Xavier Salhani, MM’s chief executive officer, said under the IPO 210,980,750 capital-increase ordinary shares were issued to shareholders of Sub Sri Thai Pcl, who exercised their pre-emptive rights, the underwriters’ patrons and institutional investors for Bt5.25 a share.
Nadim said the IPO shares represented 20 per cent of MM’s issued and paid-up capital.
The company plans to expand the number of Greyhound Café outlets in Thailand by up to 22 branches by 2020, with up to Bt20 million earmarked for each store.
It also aims to increase the number of Greyhound Café outlets in China, Hong Kong, Malaysia and Singapore continuously and strike franchising deals for one or two new markets per year including in Europe.
It has incorporated GHC Café (UK) Co Ltd as a subsidiary of Greyhound Café Co with the objective to develop food and beverage businesses in the UK.
Its first Greyhound Café branch there is slated to come into operation in quarter four.
It also seeks to expand its M-Kitchen hospital cafeterias and IPD food service business to include private or international schools.
MM plans to grow the business run under the master franchise agreements for Dunkin Donuts, Au Bon Pain and Baskin Robbins by increasing the number of branches by 12-15, 5-6 and 3-5 per year, respectively. By the end of 2020, the numbers of those outlets are forecast to reach up to 355, 96 and 54, respectively.
