The private nursing home operator received more than 150m applications, for their 1.8m offering shares.
Econ Healthcare (Asia) has drawn strong investor demand for its upcoming initial public offering.
In a statement, the private nursing home operator announced that as of April 15, they had received 3,371 valid applications for a total of 156,501,600 public offer shares. This is 86.9 times larger than the total 1.8 m public offer shares of the company.
With an offering share price of $0.28 per unit, this could potentially net the company $43.8m.
All of its 48.2m private placement shares were validly subscribed for, amounting to approximately $13.5m.
Econ Healthcare plans to use $11.5m of the net proceeds for expansion in Singapore and overseas.
It currently operates 10 medicare centres and nursing homes in Singapore and Malaysia, with 1,094 residents and a total bed capacity of 1,376. It is the operator of two upcoming nursing homes in Henderson and Jurong East.
Its first nursing home in China, Chongqing Nursing Home, is expected to commence operations this year. Econ Healthcare plans to expand its bed capacity to 2,000 in China by 2025.
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