Galeeveurs plans IPO within five years

PETALING JAYA: Galeeveurs Bhd, which today announced Malaysia’s first food and beverage (F&B) incubator ecosystem, plans to issue an initial public offering within five years, Founder and Chief Executive Officer Datuk Henry Lee said.

Speaking to reporters after announcing the plan yesterday, he said the company expects to raise RM600 million from the exercise.

“The proceeds will be used for our expansion plan and accommodate brands under the Galeeveurs wings. We also intends to build an incubator hub that serves not only as an incubation system but also in line with the group’s direction in expanding the brand,” he said.

Lee said the group was keen to invite F&B start-ups and business owners to flourish under the ecosystem that offered six services.

The services are brand strategy and marketing, management services, a centralised production factory, F&B education, IT development, and financial assistance.

“Through these services, Galeeveurs aims to provide the right pathway in building the next generation of F&B using the concept of an integrated F&B incubator ecosystem.

“I believe our local food holds a special way of uniting people, bringing fond childhood memories and has good potential to be introduced to a global level. Thus, it would be devastating if one were to say it is not accessible to the public,” he said.

Placing hawkers and F&B operators as their target market, Galeeveurs aims to conserve the authenticity of local food.

At the announcement, the company unveiled its partnership with various establishments, including Marks Food Solution, Big Hub Education and Culturology in the quest to sustain and support the incubator ecosystem.

The partnerships will help strengthen its expansion in targeting for more F&B brands to come on board by end of 2019. — Bernama