SINGAPORE (Apr 18): Orthopaedic group Asian Healthcare Specialists (AHS) says it has successfully completed the placement for its initial public offering (IPO), raising $10.8 million in gross proceeds.

Valid applications for all 46.9 million placement shares were received at the close of the application at 12 noon on Wednesday, says AHS in a filing.

The placement shares were priced at 23 cents each.

See: Orthopaedic group Asian Healthcare Specialists eyes Catalist IPO

See: Asian Healthcare Specialists launches IPO at 23 cents each to raise $10.8 mil

The group intends to use $9.5 million for business expansion and working capital purposes.

Upon completion of the placement, AHS’s total enlarged share capital now comprises 290 million shares with a market cap of $66.7 million immediately upon listing.  

In a Wednesday filing after market close, AHS executive chairman and CEO, Chin Pak Lin, notes strong investor support in the IPO, which he believes to be reflective of confidence in the group’s track record and growth prospects.

“We believe that a listing on Catalist will allow us to access the capital markets to expand our business locally and regionally, as well as grow our talent pool to continue building our brand name. This indeed marks a major milestone for us as we work towards our goal of giving movement, quality and life to years,” says Chin.

Shares in AHS are due to commence trading on the Catalist board of the SGX at 9am this Friday.