THE initial public offering (IPO) on the Catalist board for Singapore Institute of Advanced Medicine (SAM) Holdings, a cancer-treatment provider, has closed with all 114 million new shares subscribed at S$0.23 apiece.

The company said on Thursday (Feb 15) that there were 286 valid applications for the public tranche for an aggregate of 6.1 million shares.

Given that 4.4 million shares were made available to the public for subscription, the public offer was nearly 1.4 times subscribed.

Together with the fully subscribed placement shares, the IPO was around 1.01 times subscribed, SAM said in a statement.

After consulting SAM, the sponsor PrimePartners reallocated the aggregate number of 114 million invitation shares. The IPO will now comprise around 4.9 million public shares and about 109.1 million placement shares, compared to the initial allocation of 4.4 million public shares and 109.6 million placement shares.

One of SAM’s controlling shareholders, Espeetex, a subsidiary of Berjaya Group, subscribed for 12.8 million shares.

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The offer document had stated that Espeetex intended to subscribe for around 13 million invitation shares, or 1.3 per cent of the total number of issued shares. Its stake will be around 24.5 per cent after the IPO.

Espeetex has undertaken not to (directly or indirectly) sell, transfer or otherwise dispose of any part of its shareholdings in the share capital of SAM for six months from the date of the listing. It has also undertaken not to dispose of more than half its original shareholdings in the company after the six-month period.

Dr Djeng Shih Kien, SAM’s founder and chief executive, said the IPO’s subscription rate was a “vote of confidence for the growth and impact yet to come”.

He previously told BT that the company aspires to become a “one-stop ambulatory treatment centre” for cancer, by grouping all relevant services under one roof.

SAM, a unit of Malaysia-listed Berjaya Group, focuses on services to diagnose and treat various diseases and health conditions, including cancer and neurodegenerative and cardiovascular diseases. Its two clinics offer a suite of services, including radiotherapy, diagnostic imaging, theranostic services, as well as radiopharmaceutical and oncology for the early treatment of cancer and other diseases.

Through the IPO, the company will raise S$26.2 million in gross proceeds, with net proceeds coming to S$21.7 million.

Of the net proceeds, 57.2 per cent will go towards repaying bank borrowings, 24.8 per cent towards working capital, and 0.8 per cent for the acquisition of new equipment, facilities and upgrading of systems.

Trading of SAM’s shares will commence at 9 am on Friday under the ticker 9G2.