Singapore-headquartered medical device maker Genesis MedTech Group is said to be planning a potential initial public offering (IPO) in Hong Kong that could raise as much as $500 million, Bloomberg reported on Tuesday.
The listing could take place as early as next year and the actual amount will be contingent on market conditions, sources quoted in the report said. The General Atlantic-backed company is said to be working with Citic Securities, Goldman Sachs Group, and Morgan Stanley on its plan.
The report said details of the offering, such as size and timeline, could still change as the talks are preliminary.
The company initially considered launching the IPO this year, but due to underwhelming fundraising in the Asian financial hub—down to $2.9 billion from last year’s $4.7 billion—Genesis decided to defer.
Interestingly, traditionally less-active Indonesia has seen companies raise $2.92 billion this year, according to data compiled by Bloomberg.
Established in 2019, Genesis MedTech specialises in value-segment, multi-therapy medical device products for emerging markets. It covers the entire industry value chain of research and development, production, quality management, supply chain, marketing, and sales.
Its portfolio includes surgical, neurovascular, peripheral vascular, and cardiovascular products.
In 2021, the company raised an undisclosed amount in its Series B round led by private equity firm General Atlantic, with participation from CITIC Capital and others.
Genesis MedTech’s planned Hong Kong IPO comes as Singapore’s stock exchange is losing listings at a faster pace than it is adding them.
According to a report by professional services firm EY, there were only three IPOs on the Singapore Exchange in H1 of this year, down from six in the same period last year. IPOs in Hong Kong, on the other hand, rose to 29 in the January-June period from 20 in the same period last year.
Within the 10-member Association of Southeast Asian Nations, there were 45 IPOs in Indonesia, 16 in Malaysia and 15 in Thailand — with total proceeds in each topping $500 million, the Asia Nikkei reported.