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IPO Chilli Ratings

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Singapore Institute of Advanced Medicine Holdings Ltd

Singapore Institute of Advanced Medicine Holdings Ltd ("Sam" or the "Company") is offering 114m new shares comprising 4.415m Public Offer Shares and 109.585m Placement Shares at $0.23 each for a listing on Catalist.  The Company aims to raise $26.2m and the majority of the proceeds will be used to repay debt and the balance for working capital. The market cap based on the IPO price is $231.8m and the offer will close on 14 Feb at 12 noon and starts trading on 16 Feb 2024 at 9am.   Principal Business SAM is a healthcare service provider using advanced technology for early and accurate diagnosis to detect and treat cancer, neurodegenerative and cardiovascular diseases.  SAM has strategic collaborations with public and private institutions for research and clinical work.  SAM's goal is to create a comprehensive one-stop ambulatory cancer centre to undertake the challenges to fight cancer and is one of the first to adopt proto beam therapy treatment in Singapore. Fi

Mun Siong Engineering Limited

Mun Siong Engineering Limited ("Company") is offering 107m New Shares at $0.20 each where 2m shares will be for public and the remaining 105m shares via placement.  The Company is an integrated mechanical engineering and electrical and instrumentation service provider for the Process Industries and its major customers are the petroleum majors, petrochemical companies and multi-national EPC contractors.

Revenue increased from $26.2m in FY2007 to $67.7m in FY2009 and net profit before tax rose from $1.7m to $9.8m in the same period. Q1 2010 show a revenue of $14m and net profit of $2.1m.  The offer will close on 20 Oct at 12pm and will commence trading on 22 Oct.  The EPS based on post-invitation shares for FY2009 is 1.94 cents and that translate into a historical PER of 10.3x. The NAV per share (taking into account the IPO proceeds) will be around 8.38 cents. The market cap is around $83.34m at the issue price.

The comparable bigger EPC sompanies like PEC and Rotary are trading at less than 10x forward PEs. In this regard, for this small cap company, it is really priced on the higher side that is trying to list amidst positive IPO sentiments. The only good thing is that the company is raising funds by issuing purely new shares for growth and no pre-ipo vendors trying to flip and make a quick buck. Unfortunately there are better EPC companies trading a cheaper valuation and other than the low price per share of $0.20, i don't see many compelling reasons to invest in this company for the long term.

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