SINGAPORE (Dec 18): Shares of Clearbridge Health closed flat at its initial public offering (IPO) price of 28 cents in its trading debut on Monday, even as some 9.3 million shares changed hands during the day – putting it among one of the most active stocks.

During the day, shares in the healthcare company rose as much as 2 cents, or 7.1%, to 30 cents.

“As we mark a new chapter in our history with this listing, we are confident of the huge potential for greater adoption of precision medicine in Singapore and around the region,” says Jeremy Yee, Cleabridge’s executive director and chief executive officer.

In conjunction with its listing on the SGX Catalist board, Clearbridge sold 88 million new shares at 28 cents each by way of placement to raise $24.6 million.

Of the proceeds, $11 million has been earmarked for expanding medical clinics and centres, while $3 million has been allocated to expanding the laboratory testing services.  The proceeds will also be used for working capital and general corporate purposes.

This issue represents approximately 18.3% of the enlarged share capital of 481 million shares of Clearbridge, bringing its market capitalisation post listing to approximately $134.7 million.

See: Clearbridge Health to list on Catalist; seeking to raise $24.6 million

“We are delighted to welcome Clearbridge Health Limited to SGX Catalist. Its listing is timely with the expected increase in demand for healthcare in Asia, in line with an ageing population, greater life expectancy and rising incomes,” says Mohamed Nasser Ismail, head of equity capital market (SME) and head of capital market development at SGX.

“Through this listing, investors can have the opportunity to tap into the sector’s regional growth prospects, particularly as the medical industry continues to embrace technological innovation,” he adds.

The Clearbridge listing brings the total number of healthcare companies listed on SGX to 35, with a combined market capitalisation of more than $55 billion.

The total number of companies listed on Catalist rises to 199, with a combined market capitalisation of over $12 billion.