After postponing its up to US$150 million IPO in March 2015, Malaysian-based primary healthcare provider Qualitas Medical Group is gearing up to launch another IPO attempt on the SGX in the first quarter of next year. The size remains the same.

CIMB, Credit Suisse and DBS are on the deal.

In October 2015, chairman and managing director Datuk Noorul Ameen Mohamed Ishack said that the decision to pull the IPO had been taken thanks to unfavourable market conditions. Pricing had been set on the deal and cornerstone investors had been signed up.

Bankers away from the deal, however, said that the deal was not helped by messy handling. CIMB and Credit Suisse were looking after the IPO while a private sale had been explored by via Rothschild. Investors, they say, were confused by mixed messages from both parties.

Currently backed by Southern Capital Group, the Singaporean private equity firm run by Teong Hean Tan is looking to sell some of its 85% stake in the company.

Qualitas Medical, which operates a network of clinics in Malaysia with medical centres in Singapore, India, Australia and New Zealand, was listed on Singapore’s Catalist board in 2008. It was taken private in 2011 for US$36 million.