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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

Huationg Global Limited



This is more for records purposes

Huationg Global Limited ("Huationg" or the "Company") is offering 27.5m shares at $0.20 each for placement for a listing on Catalist. The offer has closed on 5 Dec and will commence trading on 9 Dec 2014. The market cap based on the IPO price will be around $30.3m

Principal Activities

The Company is engaged in the provision of civil engineering services for infrastructure projects and ancillary inland logistics support services. As of the date of the prospectus, the Company has an order book of S$114.3m which will be recognized as revenue over the next 3 years.


I list the major ongoing projects above for your information.

Financial Highlights


Based on the adjusted EPS of 2.79 (assuming service agreement is in place and post IPO shares), the Company is listing at a PER of around 7.2x, which is reasonable. Based on the 1H 2014 EPS of 1.98 cents, it represents a growth of 49% over the prior year. 

Assuming full year EPS is 25% growth, the EPS will be around 3.49 cents and that translate into a PER of ~5.7x. Having said that, i am just "guessing" the EPS figure and is not privy to how the full year results will turn out.

Interestingly, the NTA per share is 24.69 cents. In other words, the Company is listing below its book value.

Mr IPO ratings

I will skip the what i like about the Company and my concerns since the IPO has already closed. Regular readers know i don't like this sector per se and that it is such a small cap family-owned company. The Ng family will continue to own ~80% of the Company post IPO, perhaps this is one reason why they are fine with a "lower than market" IPO valuation.

I have to say the IPO is priced very reasonably, as such i believe there will be some upside to the stock price. My gut feel is that it will trade between 23 to 28 cents (slight premium to its NTA) but liquidity will dry up over time.

Happy digging


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