Singapore Paincare Holdings ("SPH" or the "Company") is offering 24.246m placement shares at 22 cents each. The offer will close on 21 July at 12pm and there is no public tranche. Based on the IPO price, the market cap is $35.56m. The medical group focuses on treatment of patients suffering from chronic pain. Financial Performance Looking at the unaudited proforma, the revenue of SPH was around $9m for FY2019 with a profit of $2.5m. 1H 2020 has a revenue of $5.1m and profit of $1m. I would assume that the full year 2020 revenue and profits to be higher than $9m and $2.5m respectively. Based on the IPO price of 22 cents and historical EPS of 1.24 cents, it is listing at a PER of 17.74x. Given that the firm is impacted by Covid 19 in the last quarter (i.e. from April to June), I would expect revenue and EPS to be affected in the last quarter as patients defer non-essential treatments....