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SINGAPORE: Private dental healthcare group, Q & M Dental Group, plans to raise net proceeds of S$17.9 million in an initial public offering (IPO).
Q & M plans to list on the Singapore Exchange Mainboard and it is offering 74 million new shares at 27 Singapore cents each.
Established in 1996 by founder and CEO Dr Ng Chin Siau, Q & M has grown rapidly over the past 12 years to become one of the largest private dental healthcare service providers in Singapore.
It now has 36 dental clinics island-wide and a market share of around 5.7 per cent.
Q & M plans to use the net proceeds to fund the setting up of a dental centre in Singapore, as well as fund new dental clinics, acquisitions, joint ventures and strategic alliances when opportunities arise. The balance will be used for general working capital purposes.
The company registered a profit before tax of S$2.1 million for the six months ended June, up 7 per cent from a year ago.
The IPO opens on Tuesday and will close on November 24.
Trading of the shares is expected to start on November 26. Collins Stewart is the manager and the placement agent for the IPO.
- CNA/sc
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