Alor Setar-based PMCK to raise nearly RM60mil from ACE Market IPO
The IPO entails a public issue of 272.6 million new shares at an issue price of 22 sen each, alongside an offer for sale of 32.7 million existing shares via private placement, according to the company's prospectus launched today.
Based on the enlarged share capital of 1.09 billion shares at the IPO price, PMCK is expected to have a market capitalisation of approximately RM239.93 million upon listing.
Of the public issue, 54.53 million shares are allocated to the Malaysian public, 43.62 million to eligible directors, employees and contributors to the group's success, 136.33 million to approved Bumiputera investors, and 38.12 million to selected investors.
Founded in Alor Setar, PMCK operates a 121-bed private medical centre offering specialist consultant services, inpatient and outpatient care, clinical diagnostics and pharmacy services.
It also runs dental and polyclinic facilities, along with a medical laboratory business under RYM DX Lab.
PMCK is optimistic about its growth prospects, underpinned by plans to expand its presence in Kedah through a new 12-storey private medical centre in Kulim.
The group also intends to upgrade medical equipment at its existing Alor Setar facility and consolidate its ancillary operations for greater efficiency.
It expects demand for private healthcare to remain resilient, supported by demographic shifts, increasing insurance coverage and a shortage of hospital beds in the northern region.
In 2024, the group recorded RM104.3 million in revenue, with more than 75 per cent contributed by inpatient services.
Proceeds from the IPO will be used to repay borrowings, acquire medical equipment, fund renovations and expansion, and cover working capital and listing-related expenses.
Malacca Securities is the principal adviser, sponsor, underwriter and joint placement agent, while Kenanga Investment Bank is a joint placement agent.
Applications for the public tranche open today and will close at 5pm on June 25.
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