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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
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China Sports International Limited


IPO booth at Raffles Place
China Sports International Limited designs, manufactures, and sells branded sports fashion, footwear and apparel products. The prospectus is here.

Public offer: 3 million shares at 80 cents
Placement offer: 97 million shares at 80 cents.
Manager: Sterling Coleman

This is the blockbuster IPO for July as it is in the very hot sector of "Consumers China" and the stellar performance of China Hong Xing post IPO is another key reason why this Company will do well. Its closest peer listed on SGX, China Hongxing is trading at a phenomenal historical '06 PER of 49x and a forward '07 PER of 34x. While a not-so-related peer, Hong Guo is also trading at 25x '06 PER and 20x '07 PER. I have excluded Li Ning that is listed in Hong Kong as it is trading in the PEs in excess of 50s.



Based on listed peers valuation, my fair value for China Sports is at least $1.70

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