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.”