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iX Biopharma IPO draws strong response

Eddy Lee, CEO and chairman of IX Biopharma.

CATALIST-BOUND iX Biopharma, a late-stage specialty pharmaceutical company, drew strong interest from institutional and retail investors for its initial public offering (IPO), with the public offer nearly 25 times subscribed.

At the close of the IPO on Monday, it had received 854 applications for the public offer which represented some 24.7 million offer shares, with application monies amounting to S$11.3 million.

All placement shares have also been fully subscribed for, raising approximately S$29.7 million.

The firm, which is focused on the development and commercialisation of innovative therapies for pain management and male erectile dysfunction, is offering 65.5 million new shares at 46 cents each. Of these, 64.5 million shares are placement shares and one million shares are available for public subscription.

iX Biopharma intends to use the bulk of its net proceeds of S$27.6 million to fund the clinical trials required for the development of its products which are currently in the late stages of clinical development.