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Clearbridge makes flat debut at S$0.28, but sees slight gains within hour
CLEARBRIDGE Health began its trading debut on Monday flat against its initial public offering price (IPO) of S$0.28, but rose as much as 7.1 per cent or two cents to S$0.30 in the day.
As at 3.31pm, the counter was back at S$0.28, and 8.5 million shares had changed hands, placing it among the most active stocks on the market.
The Asia-focused healthcare precision medicine services provider sold 88 million shares in an all-placement offering for a Catalist listing. The IPO price valued the company at S$134.7 million.
Clearbridge raised S$21.4 million through the IPO, of which S$11 million will be used to expand the medical clinics business. Another S$3 million will be used to expand the group's laboratory testing services business, and the rest is earmarked for working capital.
In a statement, Jeremy Yee, executive director and chief executive officer of Clearbridge, said: "We are confident of the huge potential for greater adoption of precision medicine in Singapore and around the region. 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.
"We believe that precision medicine is the future of healthcare. 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."
The listing brings the total number of healthcare companies listed on the Singapore Exchange (SGX) to 35, with a combined market capitalisation of more than S$55 billion, according to data provided by the SGX.
The total number of companies listed on Catalist now stands at 199, with a combined market capitalisation of over S$12 billion.