19/12/2017 – Clearbridge Health Ltd, a healthcare firm based in Singapore which focuses on delivering precision medicine in Asia has gone for its initial public offering (IPO) on Monday.
The Singapore healthcare firm has debuted on Catalist, the growth board of the Singapore Exchange (SGX) with its stock priced at S$0.28 a piece.
Post-listing, the firm’s valuation will rose to S$134.7 million (about US$99.8 million). Throughout the day, the public float saw the transaction of 88 million shares, all of which were placed to specific investors with no public tranche.
According to Clearbridge, the net profits raised by the offering will be used to finance the expansion of its medical clinics and centers, the growth of its laboratory testing services, and general working capital purposes.
Jeremy Yee, Executive Director and Chief Executive of Clearbridge said, “We are grateful for the strong support from the investment community and we hope that our listing will serve as a strategic springboard for Clearbridge Health to grow our brand, scale, and presence across Asia.”
“As we mark a new chapter in our history with this listing,” Jeremy added. “We are confident of the huge potential for greater adoption of precision medicine in Singapore and around the region.”
According to Clearbridge, healthcare is integral to life today with global healthcare spending projected to grow from US$7 trillion in 2015 to US$8.7 trillion by 2020.
Founded in 2010, Clearbridge Health concentrates on the delivery of precision medicine in Asia. Its business consist of laboratory testing services; ownership and operation of medical clinics/ centers; and strategic equity participation in precision medical technology firms.
For H1 2017, Clearbridge Health posted a net loss that widened to S$2 million from S$1.3 million a year ago. While in 2016, it posted a net loss of S$1.3 million on the back of S$716k in revenue. As of 30 June 2017, it reported a cash balance of S$9.8 million and total debt of S$1.6 million.
This latest addition to the SGX brings the total number of healthcare companies listed on the SGX to 35 enterprises with a combined market capitalisation of more than S$55 billion (about US$40.7 billion).
Shares of the healthcare outfit closed at S$0.28, the same as its listing and debut price.
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19/12/2017 – Clearbridge Health Ltd, a healthcare firm based in Singapore which focuses on delivering precision medicine in Asia has gone for its initial public offering (IPO) on Monday. The Singapore healthcare firm has debuted on Catalist, the growth board of the Singapore Exchange (SGX) with its stock priced at S$0.28 a piece. Post-listing, the […]
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