Mid-Autumn IPO for Mooncake manufacturer?

According to the South China Morning Post this morning, China Angel Foods, the Singapore-based bakery chain and catering company is considering an IPO. China Angel Foods is well known as a maker of mooncakes, the traditional Chinese bakery product that is eaten during the Mid-Autumn Festival. Mooncakes are considered a delicacy and are given as gifts between friends and families to celebrate one of the most important festivals in the Chinese calendar.

This would not be the first time the company has experienced the public markets, originally going through a partial listing on the Singapore Stock Exchange back in July 2007 where just under 33% of the group’s shares were sold raising around $24m, only to be taken private and delisted by a consortium in March 2011.

The Chairman, Patrick Liang Qiusheng is quoted as saying that this time the company is considering floating the entirety of the business in order to fund expansion and while neither the market of choice nor the time frame has been decided, the South China Morning Post has referenced the Hong Kong Stock Exchange or one of the mainland China exchanges as the destination of choice.

Given that the Mid-Autumn festival takes place on the 15th day of the 8th lunar month, which in 2013 would be between September 19th and 21st as the dates are calculated based on the date of Chinese New Year, it may be a little too late this year to aim for the auspicious gift of the listing to coincide with the busiest sales period of Mooncakes, which will begin in earnest in the next three weeks or so.

Filed under: China, IPO, Singapore, bakery