Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

Singapore Institute of Advanced Medicine Holdings Ltd

Singapore Institute of Advanced Medicine Holdings Ltd ("Sam" or the "Company") is offering 114m new shares comprising 4.415m Public Offer Shares and 109.585m Placement Shares at $0.23 each for a listing on Catalist.  The Company aims to raise $26.2m and the majority of the proceeds will be used to repay debt and the balance for working capital. The market cap based on the IPO price is $231.8m and the offer will close on 14 Feb at 12 noon and starts trading on 16 Feb 2024 at 9am.   Principal Business SAM is a healthcare service provider using advanced technology for early and accurate diagnosis to detect and treat cancer, neurodegenerative and cardiovascular diseases.  SAM has strategic collaborations with public and private institutions for research and clinical work.  SAM's goal is to create a comprehensive one-stop ambulatory cancer centre to undertake the challenges to fight cancer and is one of the first to adopt proto beam therapy treatment in Singapore. Fi
Post a Comment
Read more
Labels
Posted by

Dyna-Mac Holdings Ltd

Dyna-Mac Holdings Ltd ("Company") is issuing 436m shares (186m New shares and 250m Vendor shares) at $0.35 each. 5m shares will be via public offer and 431m shares via placement. The Company has also provided for up to 30m shares under  an over-allotment scheme.  The application will end on 28 Feb at 12pm.


The Company is a multi-disciplinary specialist provider of detailed engineering, procurement and construction services to the offshore oil & gas, marine construction and other industries. Revenue and net profit has been swinging from FY2008 to FY2010. I believe this is in tandem with the demand for oil & gas. Revenue for FY2010 comes in at $218.5m and net profit was $25.5m. HY2011 revenue and net profit came in at below HY2010 by more than 20%. Assuming the full year adjusted EPS comes in at Singapore 2.24 cents, the company is listing at a forward PER of 15.6x. The market cap at IPO price is $315.1m. Investors should also note that the NTA per share post IPO is 11.33c versus the 35c paid.


The Company is heavily dependent on SBM and Modec for its business and this risk was once again highlighted on the front cover of the prospectus. It is interesting to note that post listing, Lim Tze Jong and Keppel Shipyard will control 79.4% of the company. In addition, Keppel Shipyard will have the first right of refusal should Mr Lim decide to sell out. It is a good sign that Keppel Shipyard would like to acquire the company strategically as long as the 2 major customers have no issue with Keppel becoming a substantial shareholder. 


While i like the sector and the company, for the purpose of this listing, i believe it is already fairly priced. Keppel Shipyard coming in as a cornerstone investor will no doubt help to support its share price but the company is listing in a challenging environment where there are political unrest in the middle east. There isn't much public float to talk about and the share price is likely to be supported if the over-allotment option is activated.  My personal view is that there is not much 'meat' to stag but long term investors may want to consider buying this company should share price drop post its listing. 
Email Post
Labels:

Comments

Anonymous said…
what is your view on perennial china retail trust?
1 March 2011 at 20:59
Mr. IPO said…
It all depends on the pricing and the yield.
1 March 2011 at 23:12
Anonymous said…
1 buck.
about 3 %
1 March 2011 at 23:24
newbb said…
Kindly also advise on Hutchinson Port IPO (USD0.91 - USD1.08)...always appreciate your review.
3 March 2011 at 14:16
Post a Comment