Advanced MedTech, a medical equipment company chaired by former Singapore Economic Development Board (EDB) chairman Philip Yeo, is planning a Singapore listing as early as by end of the year. The company had considered a US IPO.
The medical device maker, backed by Temasek Holdings, might raise between US$200 million and US$300 million, and give the company a valuation of US$1 billion, reported Bloomberg News, citing unnamed sources.
The company's group CEO Abel Ang is a former EDB official and was recently appointed chairman of Republic Polytechnic.
Under Yeo, EDB was instrumental in driving the growth of the broader biomedical industry of Singapore.
According to Bloomberg, deliberations are ongoing and details of the first-time share sale could change. Representatives for Temasek, Advanced MedTech, as well as Goldman Sachs, Morgan Stanley and OCBC which are arranging the IPO, declined to comment.
