SINGAPORE (Dec 17): Clearbridge Health, which has seen its share price lose half its value this year, is spinning off its cancer diagnostics associate Biolidics for a Catalist listing. Biolidics, which has plans to expand in China, is placing out 27.5 million shares at 28 cents apiece, raising gross proceeds of $7.7 million. Trading is slated to start on Dec 19. Just as Clearbridge was the last IPO of 2017, Biolidics is the last IPO this year. Similar to Clearbridge’s case, there is no public tranche for Biolidics.

The new shares, which represent 11.34% of the company’s enlarged share base, are placed to retail and institutional investors in Singapore, starting from Dec 11 to 17. At the IPO price of 28 cents, Biolidics is valued at $67.9 million. Pro forma net asset value per share would rise from 4.1 cents before placement to 6.1 cents after placement. Clearbridge, its biggest shareholder, will reduce its stake to 24.8%, from 27.97%. Government statutory board Enterprise Singapore, via its Seeds Capital fund, will hold another 10.7% of the company.

“The inaugural spin-off of Biolidics will unlock value for shareholders of Clearbridge Health, while allowing a wider pool of investors to benefit from Biolidics’ immense growth potential. The spin-off is also in line with our strategic focus on the delivery of primary healthcare and the provision of healthcare systems,” says Jeremy Yee, CEO of Clearbridge.

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