SINGAPORE - Speciality pharmaceutical and consumer healthcare group Hyphens Pharma International made its trading debut on the Singapore Exchange's Catalist board on Friday at 30 cents, 15.4 per cent higher than its 26 cents initial public offering (IPO) price.
As at 10.12am on Friday, the stock was trading at 28.5 cents. Some 14.8 million shares had changed hands.
The firm offered 29.6 million new shares in total. The public tranche of 3.0 million shares was 152 times subscribed, with application monies received amounting to approximately $118.5 million. Of the 23.8 million placement shares, indications of interest were received for about 324.7 million placement shares, with a total value of aout $84.4 million. The valid acceptances for the reserved shares resulted in all 2.8 million reserved shares being allotted.
Separately, three cornerstone investors, Nikko Asset Management Asia, Qilin Asset Management, and Maxi-Harvest Group have each entered into a cornerstone subscription agreement to subscribe for an aggregate of 30.4 million new shares at 26 cents each, for an aggregate subscription amount of approximately $7.9 million.
The group said it intends to use the estimated net proceeds of $13.5 million raised for business expansion, including potential acquisitions, joint ventures, product development and research and development collaborations; the setting up of the group's integrated facility; and general corporate and working capital purposes.
"With the success of our IPO, we are well-placed to expand and strengthen our product range and maintain growth momentum through scaling our presence in markets that we operate in and expanding into new geographical markets," Lim See Wah, chairman, executive director, and CEO of the company, said.
The company's post-invitation market capitalisation is $78.0 million, based on the invitation price and the company's share capital. DBS Bank was the sponsor, issue manager, underwriter and placement agent for the IPO.
Hyphens Pharma's listing brings the total number of healthcare companies listed on SGX to 38, with a combined market capitalisation of more than $63 billion, the market operator said on Friday. The total number of companies listed on Catalist rises to 205, with a combined market capitalisation of over $12 billion.
