SINGAPORE - Catalist-listed Medinex opened at $0.285 on its trading debut, up from its initial public offering (IPO) price of $0.25 per share.

Shares in Medinex, a provider of professional support services to medical clinics, traded sideways on Friday (Dec 7) morning, with close to three million shares changing hands by 9.25am.

All 30 million shares of the IPO's placement tranche were subscribed for at the close on Wednesday. There is no public tranche.

Medinex helps clients oversee the setting up of clinics and facilitates applications for relevant clinic licences. It also offers accounting and tax agent services, human resource management services and corporate secretarial services.

The IPO raised gross proceeds of $7.5 million, of which Medinex will receive $5.32 million in net proceeds. Based on the IPO price, Medinex will have a market cap of $32.8 million, which is 25 times its pro forma net profit of $1.3 million in 2017.

The company intends to use $4 million of the net proceeds to expand its marketing and business development team, and could also acquire human resources consulting services group Ark Leadership & Learning for an undisclosed sum. Ark is owned by Medinex chief executive Jessie Low's sister Valerie.

The remaining $1.3 million is earmarked as working capital.