SINGAPORE (Nov 9): Shares of Jumbo Group, a food & beverage company, opened higher on debut on the Singapore Exchange after the company raised $37.5 million in net proceeds in an initial public offering.

Jumbo raised the money through selling some shares to a few cornerstone investors, placement of shares as well as a retail offering.

The company says that it intends to use the proceeds toward establishing new outlets and refurbishing existing restaurants.

The stock is at $0.375, 50% higher than the $0.25 a share offering price.