Econ Healthcare (Asia), which announced its plans to list on the Catalist board on the Singapore Exchange (SGX) in March, has launched its initial public offering (IPO) with 50 million offering shares on April 9.

The offering shares, which comprise a placement of 48.2 million offering shares and 1.8 million offering shares by way of a public offer, were listed at 28 cents each.

Based on the offering price and the post-offering share capital of 257 million shares, Econ Healthcare will have a market capitalisation of $72 million upon its listing.

The group says it intends to use some $11.5 million from its net proceeds for its expansion plans abroad and in Singapore.

The public offering will open in Singapore at 7am on April 10 and will close at 12pm on April 15.

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Trading of Econ Healthcare’s shares is expected to commence on a “ready” basis at 9am on April 19.

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DBS Bank is the sponsor, issue manager, underwriter and placement agent for the offering.

Econ Healthcare (Asia) was previously listed on the SGX in 2002 before its delisting in 2012.

The group is the largest private nursing home operator in Singapore and Malaysia with presence in China.

“Econ Healthcare has grown from strength to strength over the past three decades. We have built up a resilient business model with excellent operational know-how that we can leverage as we scale and expand our service offerings to meet the demands of growing ageing populations in Singapore, Malaysia and China,” says Ong Chu Poh, founder, executive chairman and group CEO.

“These markets present attractive opportunities for growth as they benefit from affluent and rapidly ageing populations outpacing population growth, as well as an increasing demand for quality eldercare services, underpinned by supportive government policies. Econ Healthcare will continue to build on our market leading position in Singapore and Malaysia while setting our sights on China to ride the silver wave in these markets,” he adds.