SINGAPORE (May 30): Alliance Healthcare Group reported the public tranche of its initial public offering (IPO) was 18.4 times subscribed.
Alliance Healthcare is an integrated healthcare group that uses technology to provide a broad suite of healthcare services here.
In conjunction with its IPO, the group is selling 32 million new shares at 20 cents each.
See: Alliance Healthcare launches IPO at 20 cents per share to raise $4.5 mil
At the close of the IPO at 12 noon on Wednesday, 480 valid applications applying for 18.4 million public offer shares were received for the 1 million invitation shares available, says Alliance Healthcare in its Thursday night filing.
Meanwhile, all 31 million shares available under the placement tranche were subscribed to, generating $6.2 million.
The group intends to use the net proceeds of some $4.5 million raised from its IPO for business expansion, including the expansion of the group’s network of self-owned GP clinics, specialist care services and medical facilities in Singapore.
Alliance Healthcare will have a market capitalisation of $41.6 million, based on the invitation price and the company's enlarged share capital after the IPO.
Dr Barry Thng Lip Mong, Executive Chairman and CEO of Alliance Healthcare, says, “We are heartened by the positive response to our IPO, which is an indication of investors’ confidence in Alliance Healthcare’s business fundamentals and commitment towards delivering cost-effective and evidence-based medical solutions by leveraging the use of technology.”
Alliance Healthcare shares are expected to start trading on a “ready” basis on Catalist at 9 am on Friday.
