Singapore Paincare makes Catalist debut at S$0.22, unchanged from IPO price

MEDICAL services group, Singapore Paincare Holdings, made its debut on the Singapore bourse on Thursday, opening at S$0.22 apiece, unchanged from its initial public offering (IPO) price. 

As at 9.57am on Thursday, the counter was trading at 23.5 cents, with 2.6 million shares changing hands. 

Earlier this month, Singapore Paincare had lodged its IPO prospectus, offering some 24.25 million shares to be placed for listing on the Catalist board of the Singapore Exchange (SGX). 

The group provides pain care treatment in Singapore and focuses on the treatment of patients suffering from chronic pain, including alternative non-surgical treatment solutions. It was founded by Bernard Lee, who is one of Singapore's pioneer interventional pain specialists. 

The IPO price of S$0.22 was substantially higher than the group's unaudited net asset value per share of about 9.86 Singapore cents on Dec 31, 2019, based on the post-placement share capital and after adjusting for net proceeds due to the company from the placement.

The group had said previously that it intends to use net proceeds from the placement of S$3.54 million to grow its services in Singapore, before expanding overseas. Following the placement, Dr Lee's interest in Singapore Paincare is 30.01 per cent, compared to 35.31 per cent before the placement.

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According to Dr Lee, who is also Singapore Paincare's chief executive, the group's vision is to be the "leading provider of interventional pain procedures in Asia for both specialist and primary care".

"By focusing on the treatment of pain that can occur anywhere in the body, we hope to bridge the gap between surgery, that may result in higher risks and longer recovery periods, and conservative physical therapies, which may not be as immediately effective," he said. 

Mohamed Nasser Ismail, global head of equity capital markets at SGX, said: "We are delighted to welcome Singapore Paincare Holdings to SGX's growing healthcare sector, which is among the best-performing sectors in Singapore in the first half of this year. This listing will provide investors with another avenue to invest and partake in the growth opportunities of the healthcare industry."

The listing of Singapore Paincare, which has a market cap of around S$36 million, brings the total number of companies listed on the Catalist to 217, SGX noted. Within the healthcare sector, there are 35 companies listed on SGX, with a total market cap of about S$85 billion.