SINGAPORE (Nov 20): Medinex is seeking a listing on the Catalist board of the Singapore Exchange to raise funds for expansion and acquisitions.

Medinex is the provider of medical support services and specialises in providing professional support services to medical clinics.

It also provides pharmaceutical services, assisting clients in procuring medical and pharmaceutical products.

The IPO is an all-placement deal that will comprise new shares and vendor shares sold by existing shareholders, according to Medinex’s preliminary offer document.

As at Nov 15, Medinex's issued and paid-up share capital comprises 104 million shares valued at $4.75 million.

Medinex's controlling shareholders are executive director and chief executive Jessie Low who holds a 26.04% stake, HC Surgical Specialists which holds a 32.76% and Shinex Capital which holds 6.42%.

After subtracting expenses linked to the IPO, it plans to use the funds raised from the listing for business expansion – including potential acquisitions, joint ventures.

It also plans to expand its marketing and business development team as well as to acquire Ark Leadership, which provides human resources consulting services to its clients, including Medinex, and is owned by Valerie Low, sole director and sister of Jessie.

In 1H18, the group reported earnings of $1.06 million, up from $583,000 a year ago.

Medinex does not have any fixed dividend policy, but the board intends to recommend and distribute dividends of at least 70% of its profit after tax for FY18, FY19 and FY20, according to the offer document.

The IPO deal's sponsor and issue manager is Novus Corporate Finance while UOB Kay Hian is the placement agent.