Biolidics launches IPO to raise S$6.1m

Singapore

MEDICAL technology company Biolidics on Tuesday launched an initial public offering (IPO) of 27.5 million new shares at S$0.28 each. The placement is in conjunction with its proposed listing on the Catalist board on Dec 19.

The shares will be placed out to retail and institutional investors in Singapore, and represent 11.34 per cent of the company's enlarged share capital. Upon completion of the IPO, Biolidics' market capitalisation is expected to be S$67.9 million.

Of the net proceeds of S$6.1 million, the company plans to use S$2.7 million to expand its clinical services applications and clinical services customer segment, and another S$2.4 million to advance its pipeline products. The rest will be for general corporate and wor…