Econ Healthcare IPO is around 4.1 times subscribed, trading to start on April 19

Econ Healthcare (Asia)’s IPO of 50 million shares is around 4.1 times subscribed. The company, which describes itself as the largest private nursing home operator in Singapore and Malaysia, will start trading at 9am on April 19.
The offer priced at 28 cents, received strong demand from retail investors. Of the 1.8 million shares allocated, there were a total of 3,371 applications applying for a total of 156.5 million shares, which makes it 86.9 times subscribed.
With net proceeds of $11.5 million, Econ Healthcare plans to further expand its presence in China. Parts of the proceeds will be used to upgrade existing centres and facilities and also for general working capital.