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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

Avi-Tech Electronics Limited



Avi-Tech Electronics Limited provides services and products to the semi-conductor industry. The Company designs burn-in boards and related products. Avi-Tech also offers engineering services and equipment distribution. The prospectus is here.


Public offer : 3m shares at 33 cents
Placement offer: 85m shares
Manager: Westcomb


This IPO is not one that 'excites' me a lot. One reason is that it is in the not-so-hot electronics sector and in the semi-conductor industry. If technology sector in Singapore is so 'hot', then you will not see M&A deals like acquisition of UTAC or Broadway or MMI, etc. Having said that, the Company seemed to be experiencing very strong growth with 1H07 sales growing by 117% over 1H06 and 1H07 profit is 67% over 1H06.

Assuming the net profit for 2007 is 1H07 x 2 = $15.2m, the EPS is 4.3 cents. At IPO price of 33 cents, it is priced at forward PE of 7.7x. Using a 8-10x forward PE, the fair value is approximately between 35-43 cents. I certainly hope this will not be the first IPO to go below water or everyone will lose confidence in Westcomb. It is a small stag for me and you will not be faulted for giving it a miss and save that $2 for a chicken rice since it is difficult to get from the public offer anyway.

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