Cordlife shares open 18% higher vs IPO price

Shares of Singapore's Cordlife Group, a cord blood and tissue banking service provider, opened 18% above its initial public offering price, indicating strong interest in new issues.

Cordlife shares edged up to $0.595 after opening at $0.585 each, on a volume of 11.5 million shares.

The IPO of Cordlife, which was 3.8 times subscribed, raised net proceeds of $26.3 million and sold 60 million new shares at $0.495 each, the company said.

Cordlife stores more than 35,000 cord blood units in Singapore and Hong Kong. PrimePartners Corporate Finance is the issue manager and co-placement agent, while UOB Kay Hian Private is the underwriter and co-placement agent.