POPULAR curry-puff maker Old Chang Kee Pte Ltd is headed for an initial public offering (IPO).

The food and beverage group announced yesterday that it has lodged its preliminary prospectus with the Monetary Authority of Singapore, and intends to list its shares on Sesdaq, the secondary board.

In its prospectus, it said proceeds from the IPO will be used to expand its overseas operations, as well as increase and upgrade its Singapore retail outlets.

It also wants to expand through strategic alliances, acquisitions, joint ventures and franchises.

The rest of the money will be used for working capital purposes.

Of its listing expenses, $70,000 will be spent on its initial listing and processing fees, while professional fees for the IPO will cost $1.1 million, according to the prospectus.

Old Chang Kee's signature product is the 'Old Chang Kee' curry puff, which has a 51-year history in Singapore.

The group's product portfolio consists of over 40 products, including snack items such as curry puffs, spring rolls and fish balls under its flagship brand name 'Old Chang Kee'.

The group also boasts 54 retail outlets in Singapore, and also has retail outlets in Malaysia, China, Indonesia and the Philippines.

Last year, the company and its subsidiaries recorded net profits of $3.04 million, a 5.3 per cent decline from 2005's profit of $3.21 million.

Revenue was $33.8 million last year, up 16 per cent on the $29.05 million in 2005.

Westcomb Capital Pte Ltd is the manager and Westcomb Securities Pte Ltd is the underwriter and placement agent for the proposed listing.

Old Chang Kee's planned IPO comes amid market volatility.

Some companies have pulled out of their planned listings, citing market jitters.

Earlier this month, APL Japan Trust decided to postpone its IPO here despite what it said was a successful book-building exercise during an investor roadshow, which saw sufficient take-up of its shares.

The real-estate investment trust (Reit) had said that it decided to postpone its IPO to next year, when the wider financial environment improves.