It will use the proceeds for overseas expansion.
Hyphens Pharma International launched its initial public offering (IPO) in order to raise $13.5m for its business expansions.
It launched 29.6 million invitation shares, which includes 3 million public offer shares at 26 cents each. Upon the completion of the IPO, the company's market cap will be at $78m.
It has clinched Asian asset manager Nikko Asset Management Asia, Qilin Asset Management, and Maxi-Harvest Group as cornerstone investors.
Hyphens Pharma is a speciality pharmaceutical and consumer healthcare group with a direct presence in five ASEAN countries, namely, Singapore, Vietnam, Malaysia, Indonesia, and the Philippines.
It sells speciality pharmaceuticals, a proprietary range of dermatological products and health supplement products through Hyphens and Ocean Health Singapore, and medical hypermart and digital supplies.
Hyphens Pharma International chairman, executive director, and CEO Lim See Wah commented, “We will seek to expand and strengthen our product range, as well as maintain growth momentum through scaling our presence in markets that we operate in and expanding into new geographical markets.”
The company intends to continue to expand its range of dermatological and health supplement products in its proprietary brands segment, with plans to launch five products in 2018.
It added that it will capitalise on the first mover advantage it had gained by being the first pharmaceutical wholesaler in Singapore to establish an online platform.
Hyphens Pharma International intends to consolidate its operations in Singapore under a new integrated facility and install an automated packaging facility.
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