Singapore catering supplier Premium Catering (PC.US) has increased its IPO size and aims to raise $10 million.

Premium Catering (Holdings), which provides catering services for foreign workers and other personnel in Singapore, increased the proposed size of its upcoming initial public offering on Tuesday. The company is now planning to issue 2 million shares (18% in the secondary market) at a price range of $4.75 to $5.50, raising $10 million. Previously, the company had applied to issue the same number of shares at a price range of $4 to $5. At the midpoint of the adjusted valuation range, Premium Catering's fundraising will be 14% higher than previously expected, reaching a market value of $82 million. Premium Catering is a certified halal food caterer in Singapore, specializing in Indian, Bangladeshi, and Chinese cuisine. The company was initially established to provide affordable prefabricated meals for foreign construction workers, but later expanded its business scope and diversified its operations to provide affordable prefabricated meals for a wider range of customers, operate food stalls in dormitory canteens, and provide buffet catering services for private gatherings, company and community events. It also offers auxiliary delivery services. Founded in 2012, Premium Catering (Holdings) had revenues of $4 million for the 12 months ending on December 31, 2023. The company plans to list on Nasdaq under the ticker symbol PC. Bancroft Capital is the sole bookrunner for this transaction.