Clearbridge Health makes lackluster debut on SGX

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.