Niks Professional launches IPO to raise $3.3m

The company is offering 21.8 million shares at $0.23 apiece.

Niks Professional has launched its initial public offering (IPO), listing 21.8 million ordinary shares on the catalist of the Singapore Exchange Securities Trading Limited (SGX-ST).

The company expects to raise $3.3m of net proceeds from the IPO and plans to use it for different purposes.

The company plans to use $0.8m of the proceeds for organic expansion through the opening of new clinics and outlets, recruitment of healthcare and management professionals, purchase of new equipment, and expansion of its medical skincare products.

Meanwhile, the company will utilise $2.2m to grow its business through acquisitions, joint ventures, and/or strategic alliances. 

The remaining $0.3m will be used for general working capital purposes. Additionally, the company reported a net profit of S$2.8m in FY2022.

The offering will close on 25 October 2023 at noon. Commencement of trading shares is set for 27 October 2023, 9 am.