In a thrilling move poised to reshape the biotech landscape, Singapore's dynamic startup Mirxes has officially launched its initial public offering (IPO) on May 15 in the bustling financial hub of Hong Kong. The company is set to raise an impressive HK$1.09 billion (approximately S$181 million) to fuel its innovative growth in the years ahead.

Emerging from Singapore’s A*Star research agency, Mirxes is offering 46.62 million shares at an enticing price of HK$23.30 each, translating to a remarkable market valuation of HK$6.4 billion. With 10% of the shares available for public subscription in Hong Kong and a whopping 90% earmarked for international investors, anticipation is high as trading is expected to kick off on May 23.

This bold IPO launch comes at a time when the Singapore Exchange (SGX) is witnessing a significant slowdown in public offerings. In an unsettling trend observed in 2024, 20 companies were delisted while only four new ones made it to the market, motivating regulators to explore strategies to rejuvenate the local stock market.

In a sign of the shifting tides, notable companies such as Shein—a Chinese fashion retail giant—are eyeing international markets, with potential plans for a London listing that could boast a market capitalization of £50 billion (S$86.3 billion). Meanwhile, familiar names like Grab and Sea have made their bids in New York.

Founded in 2014, Mirxes stands at the forefront of innovative cancer detection, specializing in microRNA technology. Its flagship product, GastroClear, proudly holds the title of the world’s first molecular blood test approved for early gastric cancer detection in high-risk populations. Moreover, they were pioneers in developing Singapore's first Covid-19 polymerase chain reaction test kit, the Fortitude Kit, in collaboration with A*Star in 2020.

The funds raised from the IPO will play a crucial role in advancing Mirxes' cancer screening technology and initiating groundbreaking projects. The company is also gearing up to enhance its research and development capabilities and expand its product pipeline while striving toward greater profitability.

Cornerstone investors have already lined up, with Beijing Xunrui Enterprise Management Partnership committing approximately US$50 million (S$64.9 million) and Evergreen Gate, a part of Fosun International, agreeing to subscribe to shares worth US$7.92 million. Together, these strategic investors are set to acquire 19.29 million shares, representing a substantial 41.37% of the IPO.

This ambitious IPO is backed by powerhouses in the financial sector, including China International Capital Corp and CCB International Capital, highlighting the stakes and high expectations surrounding Mirxes.

Despite its potential, Mirxes, like many pioneering tech firms in the infancy of commercialization, battles financial challenges. The company reported net losses of US$56.64 million for the year ending December 31, 2022, escalating to US$69.23 million in 2023 and further to US$92.33 million in 2024.

Post-IPO, the founding team of Mirxes will maintain significant shares, with chairman Too Heng Phon holding 11.73%, CEO Zhou Lihan at 6.75%, and chief technology officer Zou Ruiyang at 6.46%. With this IPO, Mirxes is not just aiming to raise capital; it’s making a bold statement about the future of healthcare innovation.