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IPO Chilli Ratings

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

IPS Securex Holdings Limited



IPS Securex Holdings Limited ("IPS" or the "Company") is a "one-stop" security solutions provider and is placing out 12m shares at $0.35 each for a Catalist listing. There is no public tranche and the IPO will start trading on 30 June 2014.The market cap is $26.3m based on the IPO price.

The Company provides security products and integrated security solutions to commercial entities and government bodies and agencies in Asia Pacific. The map below shows its distribution agreement with Ultra Electronics.


According to the prospectus, the prospects for the Company is good due to heightened security concerns from terrorism and political/social unrest. 

Financial Highlights


The revenue has been erratic of around $5m and then spiking to $10m in FY2013. Net profit has also been pretty erratic and you can see that it is probably they managed to get a big project in FY2013 which resulted in the high turnover and the exceptional profit that year.


Even if i give it the most aggressive EPS of 2.3 cents, the valuation is rich at 16x PE and i don't think current year FY2014 EPS will be close to that of last year. The low NAV of 8 cents per share is not going to help support the share price post-listing either.

Use of Proceeds


The table shows you the majority of proceeds raised are going to the service providers.

Shareholders



The Company will be majority owned by Chan Tien Lok (62%) and Kelvin Lim (16.8%) post IPO. The CEO will draw a pay of $23k a month and has a generous profit sharing ratio. He will be entitled to 10% of the NPAT if NPAT is > $800,000


Mr IPO ratings

There is no public tranche and frankly the valuation is rich and the CEO is well paid. You can find better quality companies at lower valuation. In this regard, i will give it a 0 Chilli rating and give it a miss.

Comments

steve said…
Hi this is nice communication for sharing the details of company and the turn over by which people can easily understand.

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