Basel Medical Group Ltd. (BMGL), based in Singapore, priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and sold all 2.21 million shares (2,205,000 shares) – the number of shares in the prospectus – to raise $8.84 million on Monday night, Feb. 24, 2025. Basel Medical Group’s stock is expected to start trading today – Tuesday, Feb. 25, 2025 – on the NASDAQ.
Cathay Securities acted as the sole book-runner.
Basel Medical Group plans to use the IPO proceeds to finance acquisitions or collaborations in Singapore and Malaysia over the next 12 to 18 months, according to the prospectus. Basel Medical has over 20 years of medical services experience. The profitable company has five medical practitioners – four orthopedic specialists and one neurosurgery specialist – in its two clinics at Gleneagles Medical Centre in Singapore. The company is incorporated in the British Virgin Islands.
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