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

Clearbridge Health plans to raise about S$24.6 million ($18.2 million) through its initial public offering on the Singapore Exchange (SGX) Catalist Board.

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.

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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.

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.