Alliance Healthcare seeks to raise $3.3m in Catalist listing

A man rides an escalator past an electronic screen at the Singapore Exchange Ltd. (SGX) headquarters in Singapore, on Tuesday, June 28, 2016. Photographer: Nicky Loh/Bloomberg

Singapore-based healthcare provider Alliance Healthcare Group (AHG) Limited is seeking to raise S$4.50 million ($3.27 million) in its initial public offering.

The listing and trading of AHG’s shares is expected on May 31, 2019 on the Singapore stock exchange’s Catalist board.

The offering is priced at S$0.20 apiece with 32.0 million shares on offer, including 1 million shares for the public.

AHG seeks to deploy the net proceeds to fund expansion of its network of clinics and for acquisitions, joint ventures, and strategic alliances.

The Alliance Healthcare Network currently has 16 GP clinics under the “My Family Clinic” name, one GP clinic under the “Lee Clinic Pte Ltd”, and five specialist clinics which it owns and operates in Singapore.

The network also has a panel of over 1,000 medical services providers in Singapore and Johor Bahru in Malaysia, and tie-ups with various Government Restructured Hospitals (GRH).

The controlling shareholders are Barry Thng Lip Mong who will have a 3.6 per cent direct interest, and 64.2 per cent deemed interest in AHG’s total share capital post IPO. Alpine Investment Holdings Pte Ltd, the second controlling shareholder, will have a 64.2 per cent direct interest post IPO.

AHG’s FY 2018 revenues ending June 30, 2018 came in at S$33.82 million, up 14.9 per cent from the previous year. Total profit after tax in FY 2018 stood at S$3.48 million, up 99.6 per cent from the previous year.