Singapore: Novena Global Lifecare Group to pursue $150m Taiwan IPO

Photo by Henk Vrieselaar on Unsplash

Singapore-based Novena Global Lifecare Group, one of Asia’s largest integrated medical healthcare and aesthetic groups, is targeting to list on the Taiwan Stock Exchange as part of its regional expansion plans, the company said on Monday (31 July).

Novena plans to raise $150 million via the initial public offering (IPO) and use the funds to grow organically and through acquisitions. It currently has more than 100 clinics in the region across Singapore, China, Hong Kong, Taiwan, Korea, Indonesia, India and Malaysia.

The firm targets three key areas – preventative care through health screenings, nutrition and supplements; predictive care through DNA testing to identify potential susceptibilities to illness; and rejuvenative care through providing aesthetic medical services. Novena is now eyeing opportunities to expand its portfolio to include complementary services such as hair care and body care.

In Taiwan, Novena has acquired a majority stake in Hexin, a provider of health screening services. The Singapore-based firm also plans to further develop predictive care through DNA testing in partnership with another Taiwanese company, Health GeneTech.

Additionally, it plans to enter into collaborative research arrangements with universities and regional labs in Taiwan, South Korea, India and Hong Kong to develop an extensive database on Asian genetics for predictive developmental and healthcare management.

Novena Global is also discussing the possibility of developing a maternity care clinic in Singapore with a Taiwanese firm; there is strong potential due to a growing market for post-natal care and anti-ageing treatments in Singapore. The firms also plan to convert Novena Gardens into a tertiary medical centre, offering a suite of services including an anti-aging centre and medical serviced apartments for patients.

Nelson Loh, Executive Chairman and Co-Founder of Novena, said, “We believe we have a very scalable business model to support our growth plans. Going by trends in the more developed markets of Singapore, Taiwan and South Korea, we see huge potential in China and some of the emerging economies for healthcare services that help people to stay good on the inside and look great on the outside.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.