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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
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RH Energy Ltd

RH Energy provides oil and gas intergration services that includes design, engineering, procurement, construction and installation services to the oil and gas pipeline, storage operators, and oil companies. Its IPO closed on 9 July at 32 cents each and it debuts today on 11 July. Please refer to prospectus here.


4m public offer shares
68m placements shares
Manager, Underwriter and Placement Agent: CIMB

This IPO was 3 chillis hot from the on set as it came from the oil and gas sector. For FY 2006, the sales was S$26m and net profit was S$6.38m. Based on the post-IPO share of 284.93m, the EPS is 2.24 Singapore cents. As of today, Federal is trading at 18x historical PE and KS Energy is trading at 17x historical PE. RH Energy closed at 87 cents today (up an whooping 55 cents from its IPO price or 172%). At 87 cents, it is richly valued at 39x historical PE. Assuming its profit grow at 50% in 2007, its forward PE will drop to 26x and that is still more expensive than KS Energy and Federal (If market is 'efficient', either KS and Federal catches up or RH Energy comes down). A stunning debut for RH Energy nevertheless and finally CIMB can heave a sign of relief as its track record turned for the better.

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