KUALA LUMPUR (March 22): Fertility care company Alpha IVF Group Bhd ended its maiden day flat at 32 sen after its initial public offering (IPO), the largest ever on the ACE Market, raised RM466.5 million. 

The counter emerged as the third most active stock on Bursa Malaysia, with 271.05 million shares exchanged. It traded between an intra-day low of 30.5 sen and a high of 32.5 sen during Friday’s trading session, after opening flat at 32 sen. 

At 32 sen per share, the group was valued at about 21.92 times its price-earnings ratio, based on a net profit of RM54.79 million and basic earnings per share of 1.46 sen for the financial year ended May 31, 2023 (FY2023), as stated in its prospectus. 

Its market capitalisation stood at RM1.56 billion, based on a share capital of 4.86 billion shares.

Alpha IVF aims to distribute at least 60% of its annual net profit as dividends. For the cumulative six months ended Nov 30, 2023 (6MFY2024), the company posted a net profit of RM25.34 million, on the back of a revenue of RM80.14 million. 

The company mainly focuses on assisted reproductive services with a strong emphasis on in-vitro fertilisation, a medical procedure where eggs are collected and fertilised by sperms in a laboratory, before implanted in the womb. The company currently operates two centres in Malaysia and one in Singapore. 

AmInvestment Bank Bhd is the principal adviser, sponsor, lead book runner, and sole underwriter for the IPO.

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