Union Healthcare Group on Friday made its presentation on the Singapore Exchange’s (SGX) Catalist board at 20.5 Singapore pennies, 2.5 percent higher than its IPO (beginning open offer) cost of 20 pennies.
At 12.20pm on Friday, the counter was exchanging level at 20 Singapore pennies, with about 1.5 million offers trading hands.
Of the 32 million offers offered during its IPO, one million was sold by method for open offer and 31 million offers by arrangement.
By the end of the IPO at 12pm on May 29, the open offer got 480 legitimate applications for about 18.4 million offers altogether against the 1 million offers accessible, Alliance Healthcare said. Application monies for the open offer added up to S$3.7 million.
The situation tranche saw every one of the 31 million accessible offers legitimately bought in for, with application monies totaling S$6.2 million, the organization said.
Said Dr Barry Thng Lip Mong, official executive and CEO of Alliance Healthcare: “We are cheered by the positive reaction to our IPO, which means that financial specialists’ trust in Alliance Healthcare’s business basics and duty towards conveying practical and proof based restorative arrangements by utilizing the utilization of innovation.
“With an augmented capital base from our fruitful posting, we are presently well-situated for the proceeded with extension of our business, while our status as a recorded organization will upgrade our perceivability, and conceivably realize more noteworthy open doors as we keep on conveying quality and reasonable social insurance administrations.”
Subsequent to deducting posting costs, the net continues of S$4.5 million will be utilized for the development of its system of centers and medicinal offices, acquisitions, joint endeavors and additionally vital coalitions, just as putting into innovation frameworks and growing its pharmaceutical administrations business, Alliance Healthcare said.
At 20 cents per share, the company’s market cap works out to about S$41.6 million.
While the group does not have a fixed dividend policy, the board of directors intends to recommend and distribute dividends of at least 30 per cent of its net profits (excluding exceptional items) for FY20 and FY21.
For the financial year ended June 30, 2018, Alliance Healthcare’s revenue increased by nearly 15 per cent year on year to S$33.8 million, while net profit more than doubled to S$3.1 million.
Founded in 1994, Alliance Healthcare provides healthcare services in Singapore through four key business segments – managed healthcare solutions, GP clinic services, specialist care services and pharmaceutical services.
Under its managed healthcare solutions business, the group has arrangements with eight insurers, and serves over 2,000 corporations via a network of self-owned clinics and panel of medical services providers.
The group also owns and operates 17 GP clinics, with 16 under the “My Family Clinic” name, and five specialist clinics, while its pharmaceutical services business carries out wholesale distribution of pharmaceutical products to hospitals, pharmacies and clinics both in Singapore and abroad.