Cordlife Seeks Mainboard-listing on Singapore Exchange
by Jared Heng
Cordlife Group Limited, one of the first private cord blood banks in Asia, Wednesday announced that it has lodged its preliminary prospectus with the Monetary Authority of Singapore regarding its proposed listing on the Singapore Exchange’s Mainboard.
Its business focuses on providing Cord Blood Banking Services, which include the collection, processing, testing, preservation and storage of umbilical cord blood at birth.
Cordlife currently provides Cord Blood Banking Services in Singapore and Hong Kong. It also provides Cord Blood Banking Services to customers from Indonesia, Macau and the Philippines.
According to the prospectus, the listing will enhance Cordlife’s public image locally and internationally and enable funding support for its business growth.
Cordlife said the initial public offer (IPO) will help to further entrench its reputation and position in its existing markets of Singapore and Hong Kong.
“The Invitation will also provide members of the public, our employees, our business associates and others who have contributed to the success of our group with an opportunity to participate in the equity of our company,” it said in the prospectus.
Cordlife plans to use the net proceeds raised from the IPO for several purposes.
These include the development and expansion of its business and operations in
Singapore and overseas, as well as the renovation of a proposed new headquarters and facility at A’Posh Bizhub in Yishun.
Part of the net proceeds will also support investments in infrastructure related to information technology, and be used for working capital and general corporate purposes.
PrimePartners has been appointed as the issue manager and co-placement agent.
The other co-placement agent is UOB Kay Hian, which is also the underwriter.