SINGAPORE : The public tranche of Healthway Medical Corporation's IPO was 5.6 times over-subscribed, while its private placement tranche was fully subscribed.

This positive response came despite bearish stock market conditions.

All in, gross proceeds from the IPO - comprising 95.5 million new shares and 40 million vendor shares at S$0.36 each - totalled S$48.78 million.

Funds raised will be used mainly for repaying loans and acquisition costs, local and overseas expansion and IT system upgrade.

Healthway's IPO is among the first and the largest to be announced for the sponsor-supervised Catalist board since the board was launched by the Singapore Exchange earlier this year.

Healthway Medical provides primary and specialist healthcare services across the medical value chain. The group operates 11 medical practice groups and employs 132 physicians in over 80 clinics in Singapore. - CNA /ls