Clearbridge Health
Clearbridge Health.

Shares in Clearbridge Health opened little changed compared to its IPO price in Monday's trading debut.

At 0215 GMT, No Signboard shares opened at S$0.28 on the Singapore Exchange, inline with its IPO price, with nearly 6 million shares changed hands.

Clearbridge raised about S$21.4 million through its initial public offering of sold 88 million shares on the Catalist Board to build a healthcare business focused on precision medicine services.

The company had a market cap of S$134.7 million after listing.

Clearbridge, the medtech investor formerly known as Clearbridge Accelerator, is headed by Jeremy Yee, the former CEO of Singapore-listed Cordlife Group.

It focuses on laboratory testing services, medical clinics, and strategic equity participation in precision medical technology (medtech) companies.

Nearly S$11 million of the IPO proceeds will be used to expand the medical clinics business while another S$3 million will be used to expand the group's laboratory testing services business and S$7.5 million set aside for working capital.

Clearbridge Health aims to leverage Singapore's status as a medical tourism destination as well as tap the growing demand for healthcare in the rest of Southeast Asia.