*This story has been updated at market close*
KUALA LUMPUR (Aug 18): Optimax Holdings Bhd, an eye specialist service provider, has made its debut on the ACE Market of Bursa Malaysia at 71 sen, a premium of 41 sen from its offering price of 30 sen.

At the opening bell, the counter saw 14.59 million shares changing hands. 

The stock later pared some gains to close at 68.5 sen, still up 38.5 sen or 128.33% from its IPO price, for a market capitalisation of RM185 million. It saw some 106.89 million shares traded.

Commenting on the listing, its chief executive officer Sandy Tan said the group is happy with the performance of the counter at the opening bell.

"We did expect the price would go higher (at the opening session) but we did not expect it to go this high," she told reporters after the group’s debut on the ACE Market here, today.

Optimax plans to use 49.31% or RM10.35 million of the RM21 million raised through the initial public offering (IPO) for capital expenditure, 16.76% or RM3.52 million for repayment of borrowings, 16.79% or RM3.53 million for working capital and 17.14% (RM3.60 million) for listing expenses.

Sandy said the group plans to address the needs of the urban communities of the central region of Peninsular Malaysia by expending its ambulatory care centre network through converting the existing Seremban specialist centre into an ambulatory care centre.

The company will also be upgrading other existing centres by purchasing new equipment that will go towards increasing services and expanding capacity in a step towards increasing its presence in areas with growing, as well as ageing populations.

“Our public listing strengthens the corporate profile of Optimax and it is the first step in getting investors to know our business better since we began operating our first eye specialist clinic in 1995,” she added.

To date, Sandy said the company has 13 eye specialist centres, comprising one specialist hospital, 11 ambulatory care centres and one specialist clinic that are wholly-owned or jointly owned with resident eye surgeons.

"While we have expanded rapidly in recent years, with a number of acquisitions made in the central and southern regions of the peninsula in 2017, the listing of Optimax brings with it the funding to expand our market reach and realise our immediate plans,” she said.