SINGAPORE (Dec 5): Medinex, a Singapore-based provider of medical support services, announced that it has successfully completed the placement for its initial public offering (IPO) of 30 million shares, which comprises 26 million new shares and 4 million vendor shares.
See: Medinex placing out 30 million shares to raise $7.5 mil ahead of Catalist listing
The shares were priced at 25 cents each.
Upon completion of the placement, Medinex’s total issued share capital now comprises approximately 131.2 million shares, giving it a market capitalisation of about $32.8 million upon listing.
The application closed earlier today at 12 noon and all 30 million shares were validly subscribed and purchased with application monies received amounting to about $7.5 million. The net proceeds raised is about $5.32 million.
Of the net proceeds raised, the group intends to use about $4.0 million to expand its business operating, which includes the expansion of its marketing and business development team, as well the potential acquisition of Ark Leadership & Learning; and about $1.32 million is expected to be used for working capital.
Shares in Medinex will commence trading on the Catalist board of Singapore Exchange at 9 am on Friday, Dec 7.
