Singapore: Clearbridge Health debuts on SGX Catalist

By Shiwen Yap

December 19, 2017

Singapore-based healthcare firm Clearbridge Health Limited debuted on the Catalist, the growth board of the Singapore Exchange (SGX) on 18 December, Monday, at its issue price. Post-listing, the firm is valued at S$134.7 million ($99.8 million).

It briefly surged to a high of 29 cents per share before trading at 28 cents at market close. As at 19 December, it was trading at its issue price at 1100hrs.

The public float saw 88 million shares on offer at a price of S$0.28, all of which were placed to specific investors, with no public tranche. The net proceeds of S$21.5 million raised by Clearbridge Health will finance the expansion of its medical clinics and centres (S$11 million), the growth of its laboratory testing services (S$3 million), and general working capital purposes (S$7.5 million).

Founded in 2010, Clearbridge Health concentrates on the delivery of precision medicine in Asia. Its business comprises the provision of laboratory testing services; ownership and operation of medical clinics/ centres; and strategic equity participation in precision medical technology firms.

For H1 2017, Clearbridge Health posted a net loss that widened to S$2 million from S$1.3 million a year ago. In 2016, it posted a net loss of S$1.3 million on the back of S$716,000 in revenue.As of 30 June 2017, it reported a cash balance of S$9.8 million and total debt of S$1.6 million.

In an announcement, Jeremy Yee, Executive Director and CEO of Clearbridge, said, “As we mark a new chapter in our history with this listing, we are confident of the huge potential for greater adoption of precision medicine in Singapore and around the region. Healthcare is integral to life today with global healthcare spending projected to grow from US$7 trillion in 2015 to US$8.7 trillion by 2020.”

“We believe that precision medicine is the future of healthcare. We are grateful for the strong support from the investment community and we hope that our listing will serve as a strategic springboard for Clearbridge Health to grow our brand, scale and presence across Asia.”

This latest addition to the SGX brings the total number of healthcare companies listed on the SGX to 35 enterprises with a combined market capitalisation of more than S$55 billion ($40.7 billion). Meanwhile, this brings the number of firms listed on the Catalist to 1999, with a combined market capitalisation in excess of S$12 billion. This is the 20th public listing on the bourse for 2017.

Mohamed Nasser Ismail, Head of Equity Capital Market (SME) and Head of Capital Market Development at SGX, said,”Its listing is timely with the expected increase in demand for healthcare in Asia, in line with an ageing population, greater life expectancy and rising incomes. Through this listing, investors can have the opportunity to tap into the sector’s regional growth prospects, particularly as the medical industry continues to embrace technological innovation.”

Also Read:

Singapore: Clearbridge Health to list on SGX Catalist in $18.2m IPO

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Wall Street rally sets the stage for big IPO year in 2018

Singapore Reporter/s

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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.
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