Mirxes applies for Singapore mega IPO, but HK beckons with possibly higher valuation

HOME-GROWN cancer diagnostics company Mirxes has made its first submission of documents to the Singapore Exchange (SGX) for an initial public offering (IPO) that could raise between US$100 million and US$200 million, according to people familiar with the matter.

Mirxes would be one of the rare biotech startups to go public on the Singapore bourse, amid a broader push by the government to have tech startups listed locally.

The offering, which might value the company at up to US$700 million, could mark Singapore’s biggest IPO in over a year. The local market has been quiet, even as the pace of IPOs in the rest of South-east Asia has been picking up.