Cilo Cybin Holdings IPO Closes early due to overwhelming response.
Tuesday, 26 March 2024
Cilo Cybin Holdings Ltd Closes Initial Public Offering (IPO) for Public Investment
IPO closes in record time with date for listing on JSE to be announced
Johannesburg, South Africa - Tuesday, 26 March 2024: Cilo Cybin Holdings Ltd, a Special Purpose Acquisition Company (SPAC) based in Johannesburg, South Africa, has successfully closed its Initial Public Offering (IPO) for public investment. The company achieved a milestone within record time by reaching the required R7 101 791, approximately 10% of total shares available, after announcing the opening of the IPO to the public on Thursday, 14 March 2024.
With an official closing date of 12 April 2024, Cilo Cybin Holdings experienced an unprecedented response, leading to oversubscription within a week. This necessitated the early closing of the IPO. Due to the traffic and surge in visitors to the website, access to the IPO application process is now disabled.
The above follows the approval of Cilo Cybin Holdings' prospectus by the CIPC in South Africa on 26 February 2024 and the successful funding of $3 million by ALPS Global Holding Berhad (ALPS). Dr. Tham Seng Kong, Group Chief Executive Officer and Group Chief Research Scientist of ALPS, personally invested 50% of the funds, demonstrating strong confidence in Cilo Cybin Holdings' prospects.
Gabriel Theron, CEO of Cilo Cybin Holdings, expressed his delight after 'overwhelming' support and closing of the IPO in record time with gratitude to existing and new stakeholders alike. "The loyalty of our existing investors has been instrumental in the success of our journey thus far underscoring valued support for Cilo Cybin Holdings' vision and potential. A warm welcome also to new stakeholders for their trust and confidence and for joining us in shaping the future of biotechnology, pharmaceuticals, and AI technology."
Dr THAM Seng Kong says he looks forward to Cilo Cybin Holdings' listing on the JSE. "The company is poised for significant expansion, driven by promising opportunities in the market. I have utmost confidence in Cilo Cybin Holdings' ability to capitalise on these prospects and deliver substantial returns for its stakeholders."
ALPS, a fully-integrated biotechnology research, medical, and wellness company based in Malaysia, played a key role in supporting Cilo Cybin Holdings. ALPS is dedicated to the development of personalised medicine using cutting-edge technologies such as genomics DNA, mRNA, and cellular therapy. The company is currently valued at an enterprise value of approximately US$1.6 billion with its value expected to increase with an upcoming listing on Nasdaq under the name 'Alps Life Science Inc.'
Through the establishment of an international network of professional providers, suppliers and supporting services, ALPS' international clientele base will have access to state of the art, wellness and anti-aging products and services. Already in the development stage are in-house laboratories to produce autologous stem cells and the establishment of an international Research and Development Hub of renowned scientists and institutions involved in stem cell and related research.
Emphasising impressive synergies between ALPS and Cio Cybin Holdings, Dr THAM Seng Kong says ALPS believes in promoting collaborative approaches rather than fostering competition within the life sciences sector. "ALPS, with its extensive knowledge and expertise, aims to support the growth of Cilo Cybin Holdings and help them become a global leader in developing effective patented medicines for their patients. This philosophy aligns well with Cilo Cybin’ Holdings' goal of obtaining revolutionary benefits from the cannabis and psychedelic drugs industry."
Theron adds that synergies between ALPS and Cilo Cybin Holdings are also found in synchronised areas of focus. "Both companies are committed to research and development initiatives within the biotech sphere with an initial focus on the cannabis and psychedelic spheres to develop and improve pharmaceuticals, while still maintaining a strong emphasis on quality."
The aim of the SPAC is to acquire and invest in commercial enterprises ('viable assets') operating in the biotech, biohacking or pharmaceutical sectors. According to Theron, acquisition of viable assets will be managed by the company with the Board considering the combined offering of the complete service and product offering of the company. "Our first target company, Cilo Cybin Pharmaceutical (Pty) Ltd, specialises in the Medical Cannabis sector and is licensed to cultivate and manufacture medicines under GMP. The company achieved profitability for the first time since its founding in 2018 and aims to revolutionise the healthcare industry and is pursuing further licenses to manufacture MDMA, Psilocybin, and LSD products in the future."