Pacific Healthcare IPO attracts strong
response from institutional and retail investors
Singapore, 10 November 2005 – Pacific Healthcare Holdings
Ltd. (“Pacific Healthcare”), an integrated healthcare
provider of a comprehensive range of healthcare services,
is pleased to announce that the Group’s initial public
offering (“IPO”) has been well-received, attracting
strong interests for both the placement tranche as well as
the public tranche.
In connection with its listing on the Mainboard of the Singapore
Exchange Securities Trading Limited (“SGX-ST”),
Pacific Healthcare offered 48.0 million new shares at S$0.30
per share. The Invitation comprised a public offer tranche
of 2.0 million shares, a placement tranche of 45.0 million
shares and 1.0 million reserved shares.
Pursuant to the over-allotment option granted by the Company
to UOB Asia Limited ("UOBA"), the Lead Manager,
Underwriter and Placement Agent, UOBA has allotted the full
amount of 7.2 million additional shares (representing 15.0%
of the total invitation shares).
As at the close of the public offer on 9 November 2005,
12.00 noon, 1,250 valid applications for an aggregate of
33,335,000 shares were received for the 2.0 million shares
on public offer. Altogether, application monies received
for the public offer shares amounted to approximately S$10.0
million. Based on the total invitation size of 48.0 million
shares, the Invitation was approximately 1.8 times subscribed.
The Pacific Healthcare IPO also drew strong response from
institutional investors, and all 45.0 million placement shares
have been fully taken up. Institutional investors who have
subscribed for the largest number of shares include Lion
Capital Management Ltd, Prudential Asset Management (Singapore)
Limited, Target Asset Management Pte Ltd and Heritage Capital
Management Pte Ltd. In addition, Mr Ramesh Vangal, founder
of Katra Healthcare Pvt. Ltd, the Group’s proposed
joint venture partner in India, has also subscribed for the
placement shares.
Dr. William Chong, Executive Director and Chief Executive
Officer of Pacific Healthcare said, “We are very encouraged
by the enthusiastic response to our offering and would like
to thank both the fund managers and retail investors for
their interest and support. The high level of interest shown
by investors is a strong vote of confidence in our business
fundamentals and strategy. We will continue to enhance our
shareholders’ value through growth and efficiency,
while holding true to our professional responsibilities to
our patients. We will always be mindful of our social responsibility
and serve the community at large.”
“The IPO marks a new and exciting chapter for Pacific
Healthcare, which will give us the impetus to expand our
core specialist healthcare operations both in Singapore and
India” Dr Chong added.
The IPO will raise total net proceeds of approximately $11.7
million, of which approximately S$3.5 million will be used
to expand its Specialist Healthcare segment; S$2.0 million
to partially finance the acquisition and redevelopment of
Adam Road Hospital property; S$1.0 million to partially finance
the establishment of a cord blood bank and research centre
in India; S$1.5 million to repay bank borrowings; and the
balance to be used for working capital. Additional funds
raised through the exercise of the over-allotment option
will be used for general working capital.
UOBA is the Lead Manager, Underwriter and Placement agent
for the Pacific Healthcare IPO. Hong Leong Finance is the
Co-manager of this IPO.
Pacific Healthcare shares will be traded in board lots of
1,000 shares on the Main Board of the SGX-ST, under the trading
name, “Pacific HC”. Trading is expected to commence
on 11 November 2005, 9.00 a.m. on a “ready” basis.
Further details on allocations will be published in Lianhe
Zaobao and The Straits Times on 11 November 2005.
|
