Singapore-based pharmaceutical and consumer healthcare group Hyphens Pharma International on Friday launched its initial public offering (IPO) on the Catalist board of the SGX.
The firm plans to issue 29.6 million new shares, including 3 million shares to the public, at S$0.26 apiece. Additionally, it will issue 30.4 million shares to three cornerstone investors – Nikko Asset Management Asia Limited, Qilin Asset Management Pte. Ltd and Maxi-Harvest Group Pte – at the same price. It expects to earn total proceeds of S$13.5 million ($10 million) from the share sale.
“Through the years, we have grown, organically and through acquisitions, into one of Singapore’s leading specialty pharmaceutical and consumer healthcare groups with a diverse footprint in ASEAN countries. This IPO marks a significant milestone in the Company’s history and we are delighted to have the support and confidence of our cornerstone investors as we embark on our next phase of growth,” said Hyphens Pharma chairman, executive director and CEO Lim See Wah in a statement.
Headquartered in Singapore, Hyphens’ core business comprises three segments – specialty pharma principals, proprietary brands, and medical hypermart and digital. It markets and sells a range of specialty pharmaceutical products in several ASEAN countries through exclusive distributorship or licensing and supply agreements with brand principals mainly from Europe and the United States.
The company currently has a direct presence in five ASEAN countries, namely, Singapore, Vietnam, Malaysia, Indonesia and the Philippines, which is supplemented by a marketing and distribution network covering five additional jurisdictions, namely, Hong Kong, Myanmar, Brunei, Cambodia and Oman.
Following the IPO, the company said it would look to expand both its product range as well as its market scope.
Going forward, Hyphens said it plans to launch five products in 2018 and will also continue to explore commercial opportunities with new principals to expand its range of product offerings.
While it aims to maintain its growth momentum in existing markets such as Vietnam, Malaysia, Indonesia and the Philippines, the company says it will also explore the registration of its range of dermo-cosmetic products in other ASEAN countries that it does not currently sell to as well as other regions such as the Middle East and Australia.
Earlier this week, Singapore-headquartered biotechnology company Aslan Pharmaceuticals was reported to have raised $42 million in its initial public offering (IPO) in the US. The clinical-stage biopharma firm, which is listed on the Taiwan Stock Exchange, raised the amount after pricing 6 million American Depository Shares at $7.03 each, down from its original plan of offering 7.5 million shares.
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