04:36 AM EST, 03/03/2025 (MT Newswires) -- Basel Medical Group ( BMGL ) said Monday it closed an initial public offering of 2.2 million shares at $4 each to raise $8.8 million in gross proceeds.

The Singapore-based medical services provider has granted the underwriters a 45-day option to purchase up to 330,750 additional shares.

Basel Medical ( BMGL ) plans to use the net proceeds for potential mergers and acquisitions, and business expansion, among other things.

The shares began trading Feb. 25 on Nasdaq under the ticker symbol "BMGL."

The company said it has registered for the resale of up to 2 million shares by certain shareholders.