Yahoo Finance Singapore Institute of Advanced Medicine Holdings to IPO on Catalist Board at 23 cents per share
Singapore Institute of Advanced Medicine Holdings to list on Catalist Board of SGX. IPO price at 23 cents per share.
Singapore Institute of Advanced Medicine Holdings (SAM Holdings), which aims to become a comprehensive one-stop ambulatory cancer centre, has successfully completed the registration of its offer document in connection with its proposed initial public offering (IPO) and listing on the Catalist Board SGX and is now open for subscription by the public.
The group’s IPO entails the issuance of 114.0 million new 23 cents per share by way of public offer and approximately 109.6 million placement shares at an invitation price of 23 cents per share by way of placement.
The group is set to raise gross proceeds amounting to $26.2 million and will have a market capitalisation of $231.8 million upon listing. The proceeds from the invitation shares will provide the group with, among other things, additional capital to finance the acquisition of new equipment and facilities and upgrading of systems, working capital and repayment of bank borrowings.
SAM Holdings aims to provide early detection and accurate diagnosis to its patients offering appropriate treatments to achieve better outcomes and quality of life. The group does so by focusing on the use of industry-leading and advanced technologies. To the best belief and knowledge of the group’s board of directors, the group is the first in Singapore to install the Varian ProBeam Compact system and the Halcyon Elite System, both by Varian Medical Systems Pacific, to offer proton beam therapy and photon radiation therapy, respectively, as cancer treatment options.
Additionally, the group is also a member of the FlashForward Consortium formed to advance the prospects of FLASH radiotherapy, a potential next generation cancer treatment technique, in cancer care.
The group believes that it is well-positioned to benefit from the growing medical tourism landscape in the Asia Pacific region. Singapore itself receives 500,000 medical tourists each year and the Asia Pacific regional medical tourism market share is expected to increase further, owing to medical tourists’ preference for the developing countries of this region. The group aims to capitalise on this incremental demand, complemented by a scarce supply of proton therapy services in the region.
Dr Djeng Shih Kien, executive director, CEO and founder of SAM Holdings says: “We strongly believe that the public offer in this invitation provides everyone with an opportunity to be a part of this mission. The listing also enables our management, employees and our business associates, who have contributed to the success of our group, to have the opportunity to participate in the equity of our company.”
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