SINGAPORE - Shares of medical technology company Biolidics opened below its IPO (initial public offering) price on its Catalist debut on Wednesday (Dec 19), with the stock opening at $0.265, down 5.4 per cent from its listing price of $0.28.
As at 9.51am, the stock was trading at $0.24, slumping about 14 per cent from its IPO price.
Of the net proceeds of $6.1 million raised from the IPO, the company plans to use $2.7 million to expand its clinical services applications and clinical services customer segment, and another $2.4 million to advance its pipeline products. The rest will be for general corporate and working capital purposes.
Biolidics derives revenue from selling its ClearCell FX1 System, which uses patented technology to separate cancer cells from blood. Its system, combined with other analytical tests, can be applied for cancer diagnosis, prognosis, treatment selection and treatment monitoring.
Biolidics' substantial shareholders include Catalist-listed integrated healthcare group Clearbridge Health, and Seeds Capital, which is ultimately owned by statutory board Enterprise Singapore.
In a press statement, CEO of Biolidics Ivan Lew, said there is great potential for Biolidics' chances "to grow and successfully exploit the opportunities" in the cancer diagnostics industry.
With a market capitalisation of about $68 million, the listing of Biolidics brings the total number of companies listed on Catalist to 214, with a combined market capitalisation of more than $10 billion, the Singapore Exchange (SGX) said. SGX's healthcare cluster will now have 40 companies, with a combined market capitalisation of more than $70 billion.