According to the sources, the company has chosen Goldman Sachs Group Inc., Morgan Stanley, and Oversea-Chinese Banking Corp. to assist on its upcoming IPO, which might raise between $200 million and $300 million. According to them, the company might be valued at nearly $1 billion through a listing in the city-state as soon as this year’s end.
According to a March report by Bloomberg News, the Singapore-based manufacturer of medical devices had contemplated a US listing earlier this year when Temasek’s proposed sale faltered.
The persons, who requested anonymity because the proceedings are secret, stated that discussions are still ongoing and that the specifics of the initial share sale could alter. Advanced MedTech, Goldman Sachs, Morgan Stanley, OCBC, and Temasek representatives all declined to comment.
A listing by Advanced MedTech would aid the stagnant IPO market in Singapore, which is expected to have its worst year since at least 2011. According to information gathered by Bloomberg, the exchange has only seen three new listings this year, raising a total of $18.6 million. In comparison, $348 million was spent over the same period last year.
According to their website, Advanced MedTech manufactures medical equipment with an emphasis on urology devices and contract manufacturing services. Patients in more than 100 countries can purchase its products.
The business has made strategic investments, including purchasing a majority stake in Chinese manufacturer of shock wave therapy and urology equipment Shenzhen Wikkon Precision Instruments Co. last year for an undisclosed sum. Advanced MedTech led a $3 million series in 2021. An investment round was made for Devicare, a Barcelona-based firm that creates urology therapies that include nutritional therapy and digital monitoring.