Medical supplies and devices company Pasture Holdings has launched its IPO, seeking to raise gross proceeds of $5 million via selling 20 million shares priced at 25 cents each.
At this price, the company will have a market value of $33 million upon listing. The all-placement issue is managed by PrimePartners Corporate Finance.
The company is in the wholesale procurement and transhipment of pharmaceutical products and medical supplies and devices.
It specialises in cold-chain management services relating to temperature-sensitive pharmaceutical products, such as vaccines and oncology products.
In addition, Pasture Holdings develops, markets and sells its own proprietary range of masks under the brand Pasture Masks.
The company wants to capitalise on the rising healthcare spending, caused by an ageing population, better medical and healthcare treatment as well as recent medical supplies stockpiling efforts by the Singapore government.
For the year ended June 2022, the company reported earnings of US$2.45 million, versus earnings of US$1.56 million in FY2021.
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Revenue in the same period was US$15.1 million, up from US$13.17 million.
For the more recent 1QFY2023 ended Sept 30, the company reported a loss of US$374,000, versus earnings of US$1.4 million.
Revenue in the same period dropped to US$2.1 million, from US$5.2 million generated in 1QFY2022, due to lower sales of supplies such as face masks.
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“Having expanded our global footprint to over 50 countries, Pasture has built a strong platform for the next phase of our growth,” says Lloyd Soong, executive chairman and CEO.
“We will strategically leverage our existing global distribution network to capitalise on our enlarged portfolio of medical supplies and devices,” says Soong, who will hold a 56% stake in the company post listing.
The company is also looking to further develop new and complementary business verticals such as its own range of oral disintegrating strips under the brand Hart-S ODS and a mobile application, furlife, for pet health and nutrition services.
“We believe we are in a strong position to strengthen our existing business segments and diversify into new geographical market segments. The IPO will not only give us the platform but the funding required to materialise our multi-faceted diversification and expansion plans,” says Soong.
The shares will start trading on June 9.
