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Founded in 2017, it already has a presence in ten countries, including the US, UK and Australia.

The chain has grown to employ more than 3,000 staff in over 600 stores across 45 cities.

The chain is looking to establish 700 restaurants by December 2026.

At US$500 million, the IPO would be the country’s biggest since 2017.

The company says it will “refocus its efforts” on Australian expansion.

Lim Hee Liat and Chia Cher Khiang stepped down from their roles in the company after they were charged under Singapore’s Securities and Futures Act.

The round, which was oversubscribed, was led by Temasek.

It previously announced it will be shutting down or suspending the operations of around 300 restaurants.

The owners of the Wagas business are seeking a valuation of US$800 million to US$1 billion or more.

It is also getting a majority stake in the firm that owns bubble tea chain Milksha.

The partnership will help Zomoz scale to more than 300 retail and cloud outlets pan India over the next 30 months.

Affected employees would be redeployed within the group.

Losses were attributed to lower government grants and lower rental concessions from landlords.

The move comes amidst plans to aggressively expand Tim Ho Wan in China.

A potential listing by Dash Brands Ltd. could raise about US$100 million.

Some 23,000 food establishments will come under the Safety Assurance for Food Establishments (SAFE) framework.