November 2, 2017
The Trendlines Ltd. (SI:42T) incubator has announced that it raised $10.3 million on the Singapore stock exchange. The company’s existing investors took part in the round, including German company B. Braun, which maintained the proportion of its stake. The other investors were mainly institutions and corporations from Singapore.
The money was raised at 0.14 Singaporean dollars per share, a 13% discount on the market price on the day of the offering. Despite the discount, the company’s share rose after the offering, and is now 21% higher than the share price in the offering, reflecting a market cap of 86 million Singaporean dollars ($63 million). Since Trendlines’ IPO in Singapore in 2015, the company’s share price has fallen 44%. Most of this decline occurred shortly after the IPO, and the share has remained stable ever since.
Trendlines said that the proceeds from the offering would be used to participate in later investment rounds in its main holdings and for investment in new companies. Trendlines will also focus its business, streamline, and enhance its value, and is considering the distribution of a dividend. The company’s revenue totaled $6.6 million in the first half of 2017, mainly from the sale of BioSight. Trendlines had $13.4 million in cash as of the end of the second quarter of 2017 (before the offering).