Singapore Women's & Children's Medical Group eyes SGX listing next year

AN initial public offering (IPO) is in the works for private-healthcare service provider Singapore Women’s & Children’s Medical Group (SWC Medical Group).

The company, which specialises in obstetrics and gynaecology (O&G) and paediatrics, lodged a preliminary offer document with the Singapore Exchange on Monday. It is seeking to list its shares on Catalist in 2020.

SWC Medical Group’s 15 specialists operate out of 10 clinics in Singapore. The O&G business caters to patients’ needs across each stage of the childbearing process, including fertility concerns, pregnancy, childbirth, parenthood and women’s health. Under the paediatrics business, the specialists diagnose, treat and care for babies through to adolescents.

The company intends to open specialised centres for women and children, including a fertility centre, a children’s behavioural and development centre and a women’s cancer centre, according to its preliminary offer document.

Other plans include setting up a cross-referral system among the specialists in the group, expanding into regional markets such as Vietnam, Myanmar, Indonesia and Malaysia, and providing management and consultation services for the healthcare industry.

SWC Medical Group will also grow its talent pool by hiring younger O&G and paediatric specialists, as well as established specialists who have a strong following of patients.

Based on its unaudited financial statements, net profit for the half year ended June 30, 2019, stood at S$7 million, up 11 per cent from S$6.3 million for the year-ago period. Earnings per share was 0.83 Singapore cent for the six months, up from 0.75 cent a year ago.

Revenue surged 46 per cent to S$19.2 million for H1 2019 from S$13.1 million for H1 2018, Monday's document showed.

SWC Medical Group's wholly-owned subsidiaries include Singapore Healthbridge, Singapore Women’s Medical Group, Singapore Children’s Medical Group, CH Koh Clinic for Women, and Paediatric Allergy Immunology Rheumatology Centre.

Allan Yeo Hwee Tiong is executive chairman and group chief executive officer (CEO). He is also an independent director on the board of mainboard-listed Cordlife Group, and was the former group CEO of Thomson Medical Centre.

SWC Medical Group has no controlling shareholders, but has nine substantial shareholders, all doctors, with stakes ranging from 6.5 per cent to 10.5 per cent.

UOB Kay Hian will be the sponsor, issue manager, underwriter and placement agent for the IPO.