Aoxin Q&M Dental offers 57 million shares at 20 cents apiece in IPO

SINGAPORE - Aoxin Q&M Dental Group is offering 57 million placement shares at 20 Singapore cents apiece in its initial public offering (IPO), as it seeks to raise net proceeds of about S$9.1 million on the Singapore Exchange's Catalist board.

Aoxin, the Chinese unit of the Singapore-listed dental group Q&M, said in its final offer document on Tuesday that the placement shares are made available to retail and institutional investors who apply through their brokers or financial institutions.

Applications will close at 12pm on April 24, while trading is expected to begin on April 26.

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Aoxin said the bulk of funds raised from the listing, at about S$6.4 million would go into expansion of its business through organic growth, mergers and acquisitions, joint ventures and partnerships. The remaining S$2.7 million will be used for "enhancement of infrastructure and working capital purposes".

Aoxin's main shareholders are Q&M Dental Group (Singapore), with a 54.7 per cent stake, and its executive director and chief executive Shao Yongxin, who holds a 36.61 per cent.

The company posted a net loss of 102,000 yuan (S$20,683) for the first nine months of 2016, while revenue came in at 61.5 million yuan.