Clearbridge prices IPO at 28 cents a share
Clearbridge Health aims to raise net proceeds of $21.4 million through an initial public offering (IPO) to build a business focused on precision medical services.
Clearbridge, the medtech investor formerly known as Clearbridge Accelerator, is placing 88 million shares at 28 cents each and plans to start trading on the Catalist board on Dec 18.
No shares are being offered to the public.
The company would have a market cap of $134.7 million at the 28-cent IPO price.
Clearbridge Health is helmed by Mr Jeremy Yee, the former chief executive of Singapore-listed Cordlife Group. He joined Clearbridge in May and set up two clinics, in Singapore and Hong Kong.
These are staffed by a total of six doctors, specialising in internal medicine.
Patients can visit for health screenings while those suffering from cancer and diabetes can also be treated.
Around $11 million of the IPO proceeds will be used to expand the medical clinics business.
TERM SHEET
Clearbridge has entered into a term sheet with certain individuals for the potential acquisition of a medical centre in the Philippines.
A further $3 million will be used to expand the group's laboratory testing services business and $7.5 million set aside for working capital.
Clearbridge's revenue as at June 30 was derived solely from the provision of testing services at its in-house laboratory, Sam Lab.
Its pro forma net loss widened to $2.03 million in the six months to June 30 from $1.27 million a year earlier. Revenue in the period was $284,000.
More than 2,000 specimens have flowed through Sam Lab since it was set up in 2009, said Mr Yee.
Mr Yee noted that Clearbridge has low debt and a $9.8 million cash pile as at June 30, before IPO fees.
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