Daruma Capital Sdn Bhd, the operator behind the Japanese-inspired Chizu Café chain, has announced plans to pursue an initial public offering (IPO) on the Singapore Exchange (SGX), aiming to fuel its expansion across Southeast Asia.
The proposed listing is a strategic move to leverage Singapore’s established capital markets, offering the company access to regional and global investors with growing interest in Southeast Asia’s fast-evolving consumer sector.
Despite a subdued IPO landscape in Singapore, Daruma Capital founder and managing director Ong Leong Fuei remains optimistic. He views the SGX as an ideal gateway to international capital without compromising operational focus.
“The timing is particularly favourable,” Ong stated. “Consumer spending across the region remains robust, and international investors are increasingly drawn to high-quality regional F&B brands with proven scalability.”
Daruma Capital has appointed private equity firm MCI Capital Sdn Bhd as financial adviser for the IPO. MCI Capital will support the company’s overall capital markets strategy and listing preparedness. The statement did not disclose the offering’s size or timeline.
Currently operating seven outlets in Malaysia’s Klang Valley under the “Meet Me at Chizu” concept, Daruma Capital plans to scale its footprint regionally. Its portfolio also includes Yaki Soul and Daruma, a pastry supply business.
Chizu Café, originally established in Malaysia, is best known for its signature blend of milky cheese foam paired with artisanal beverages and premium buttery croissants. The company’s vertically integrated model, supported by a central kitchen, underpins its multi-brand platform and enhances operational scalability.
MCI Capital chairman Datuk Cannis Chan expressed confidence in Daruma’s investor appeal. “We understand what international investors seek in Southeast Asian F&B companies, and Daruma Capital checks all the boxes — including proven leadership, scalability, solid financials, and a clear growth strategy,” he said.
-The Edge
