Novena Global Lifecare plans Taiwan IPO to raise US$150 million

Mon Jul 31, 2017 - 10:05am GMT+0000
Novena Global Lifecare
Novena Global Lifecare plans Taiwan IPO to raise US$150 million
Novena Global Lifecare
Novena Global Lifecare’s co-founders: Terence Loh (Left) and Nelson Loh (Right)

Novena Global Lifecare Group, otherwise known as Novena, one of Asia’s largest integrated medical healthcare and aesthetic group is looking to list on the Taiwan Stock Exchange as part of its regional expansion plans.

This makes Novena the fourth Singaporean healthcare firm this year to take its IPO outside the country, joining the leagues of Aslan Pharmaceuticals, Tessa Therapeutics, and CellResearch Corporation.

Founded in 2010 by Terence Loh and Nelson Loh, Novena is the largest medical aesthetic chain in Singapore with 15 clinics and a database of more than 150,000 patients. The group’s turnover last year was US$67.8 million.

The healthcare and aesthetic firm own a portfolio targeting three key areas, that includes preventative care through health screening; predictive care through DNA testing to identify susceptibilities to illness; and rejuvenation care through aesthetic medical services.

Novena currently has more than 100 clinics in the region across China, Hong Kong, Taiwan, South Korea, Malaysia, Indonesia, and India. Additionally, it is also looking for opportunities to expand its portfolio and include complimentary services such as body care and hair care.

This is why the firm plans to raise US$150 million via the initial public offering (IPO) and use the funds to make acquisitions and grow organically.

Novena Global is also discussing the possibility of developing a maternity care clinic in Singapore with a Taiwanese firm to answer the growing market for postnatal care and anti-ageing treatments in Singapore.

On the other hand, it is in talks with a Taiwanese company Health GeneTech to further develop predictive care through DNA testing.

Nelson Loh, Executive Chairman and Co-Founder of Novena, said, “We believe we have a very scalable business model to support our growth plans. Going by trends in the more developed markets of Singapore, Taiwan, and South Korea, we see huge potential in China and some of the emerging economies for healthcare services that help people to stay good on the inside and look great on the outside.”

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Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.