The firm plans to offer 88 million shares, representing 18.3 per cent of its enlarged share capital, priced at 28 cents each through the flotation. Its post-listing market capitalisation is estimated to be approximately S$134.7 million ($99.6 million).
Of the IPO proceeds, about S$11 million will go towards financing the expansion of medical clinics and centres while S$3 million will be used to fund the expansion of its laboratory testing services. The rest will go towards working capital and general corporate purposes.
The company formerly operated an accelerator programme to develop healthcare technology startups and managed a S$40-million fund to invest in lifescience firms under the SPRING Singapore Biomedical Sciences Accelerator programme.
After pivoting and rebranding as Clearbridge Health, it now focuses on laboratory testing services, medical clinics, and strategic equity participation in precision medical technology (medtech) companies.
“We aim to promote precision healthcare in Asia, by empowering patients with greater access to health information and increasing patient survival by taking advantage of best-in-class technologies and workflows to provide a wide range of better purpose-suited products and services,” Clearbridge Health chief executive and executive director Jeremy Yee said in a statement.
Clearbridge Health aims to leverage Singapore’s status as a medical tourism destination as well as tap the growing demand for healthcare in the rest of Southeast Asia.
“There is huge potential for greater adoption of precision medicine in Singapore and around the region. The listing will serve as a platform for the group to grow our comprehensive suite of healthcare services. We will continue to look for suitable opportunities to grow our network of medical clinics and centres while expanding and strengthening our market position in laboratory testing services,” Yee added.
It plans to expand its network of medical clinics and centres in Asia and has entered into a term sheet agreement for the potential acquisition of a Filipino medical centre. Additionally, it intends to partner with various players in order to bring to market new medical technologies, as well as expand its laboratory testing services business organically or inorganically.