Econ Healthcare (Asia)’s IPO of 50 million shares is around 4.1 times subscribed. The company, which describes itself as the largest private nursing home operator in Singapore and Malaysia, will start trading at 9am on April 19.
The offer priced at 28 cents, received strong demand from retail investors. Of the 1.8 million shares allocated, there were a total of 3,371 applications applying for a total of 156.5 million shares, which makes it 86.9 times subscribed.
With net proceeds of $11.5 million, Econ Healthcare plans to further expand its presence in China. Parts of the proceeds will be used to upgrade existing centres and facilities and also for general working capital.
SEE:Econ Healthcare seeks a relist for China planned expansion
“We believe that our established track record of 30 years of experience in senior care, as well as our resilient business model, will enhance the Group’s market position in the industry as we scale and expand our service offerings,” says Ong Chu Poh, founder, executive chairman and group CEO of the company.”
“We are committed to serve the senior community, and bring the best of care and service to families and communities in the region. I am confident that we are in a good position to capture the growth opportunities that exist with the growing ageing population in Singapore, Malaysia and China,” he adds.
This IPO is managed by DBS Bank.
