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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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GS Holdings Limited



GS Holdings Limited ("GSH" or the "Company") is offering 24m Placement Shares at $0.25 each for a listing on Catalist. The IPO will close on 14 Jan at 12pm with a market cap of around $31m. There is no public tranche.

The Company provides centralised cleaning for the F&B Industry. This picture below shows how the operations of the Company looks like.

It is probably quite unique in Singapore due to high manpower costs and our government is trying to reduce reliance on foreign labour on these jobs by automating the cleaning process.


The Company seemed to have covered Singapore quite extensively with this map above as it is one of the first mover in this space with ~40% market share.

Financial Highlights

According to the prospectus, the Company has secured $18.2m worth of order book as of 15 Dec 2015 with $14.2m expected to be recognised in 2016.


The NAV per share post IPO is around 5.3 cents versus the IPO price of 25 cents. The order "revenue to be recognised" of around $14m seemed to be a marked improvement from its 1H 2015 results. The Company will like gain economies of scale if they are able to secure more orders.

What i like about the Company
  • Secured order book of $18m assuming customers recontract at current rates
  • First mover with ~40% market share in Singapore
  • Increasing focus by government to enhance productivity in this area
  • Diversified customer base
Some of my Concerns
  • Singapore centric with limited market potential
  • Company is loss making from day 1 and have yet to turn around fully.
My Ratings

 Since there is no public tranche, I am not going to spend too much time on this. Not terribly excited by  the industry prospects as well and will give it a zero rating due to from coaching perpective.

Happy IPOing.



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