Catalist-listed SIAMH may have gone public before it was ready – MAS review group should figure out why

Can the enablers of public listings be incentivised to ensure that companies do not come to market without a credible growth story?

When news broke earlier this month that the external auditors of the Singapore Institute of Advanced Medicine Holdings (SIAMH) had issued a disclaimer of opinion on its latest financial statements, I imagined that the company’s share price would immediately plummet.

Then, I looked at my trading screen and realised the stock could not plummet because it was already on the floor – and had been for some time.

SIAMH listed on Catalist on Feb 16, following an initial public offering (IPO) at S$0.23 per share. It ended its first trading day at S$0.19. Less than a fortnight later, its shares had crashed below S$0.10.

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