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SHARES in HC Surgical Specialists (HCSS) jumped to 55 Singapore cents as the medical services group made its trading debut on the Catalist board on Thursday.
The stock opened trading at 55 Singapore cents and rose to as high as 60 Singapore cents on Thursday morning, before slipping back to 55 Singapore cents at 11am. HCSS had offered 30 million new shares at 27 Singapore cents a share via a placement.
The group operates a network of 10 clinics in Singapore. The common conditions that it treats include haemorrhoids, gallstones and inflammation of the gall bladder, hernias, colorectal cancer, stomach cancer and colonic diverticular disease.
Of the S$6.15 million in net proceeds, S$2.8 million will go towards expanding business operations locally and regionally, S$1.2 million will be used to buy new equipment and for renovations, and S$2.15 million is earmarked for working capital.
The Singapore Exchange said that HCSS's listing brings the total number of companies on the Catalist board to 185 with a combined market capitalisation of S$10 billion.