SINGAPORE – Shares of multispecialty healthcare group Foundation Healthcare rose 0.7 per cent at its trading debut on the Singapore Exchange mainboard on July 8.
The counter opened at 76.5 cents, 0.5 cent above the initial public offering price of 76 cents a share.
The debut follows a 3.8 times subscription of its public offer of about 162.6 million shares available.
For the Singapore public offering, Foundation Healthcare received 3,805 valid applications for 87 million shares. This amounted to $66.1 million at a 9.4 times subscription. About 9.2 million shares were available for subscription.
The international offering was 3.5 times subscribed, receiving interest for around 531.7 million shares for the 153.4 million shares available.
In total, the IPO raised gross proceeds of $242 million, including commitments from 10 cornerstone investors.
Shareholders include long-term institutional investors, insurers and fund managers part of Singapore’s Equity Market Development Programme, said Liaw Yit Ming, executive director and chief executive of Foundation Healthcare.
The Temasek-backed company said on July 1 that it sought to raise $242 million with an offer of 162.6 million shares.
The IPO’s net proceeds will primarily fund investments and acquisitions of specialist practices and medical centres in Singapore. They will also go towards expansion plans in new markets, and general corporate and working capital purposes.
Jefferies Singapore, OCBC, UBS Singapore, DBS and UOB were the underwriters of the offering. THE BUSINESS TIMES
