TopVision Eye Specialist sets IPO price at 33 sen to raise RM17.9m in conjunction with ACE Market transfer

Monday 16 Dec 2024

KUALA LUMPUR (Nov 25): Ambulatory eyecare centre TopVision Eye Specialist Bhd (KL:TOPVISN) aims to raise RM17.89 million with its initial public offering (IPO) at 33 sen per share, in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia.

According to its prospectus launched on Monday, the IPO comprises a public offering of 54.22 million new shares.

Of the total, 33.92 million shares will be allocated to institutional and selected investors, followed by 20.29 million issue shares to the Malaysian public and eligible persons.

Applications for the IPO shares will close on Dec 3, with the listing scheduled for Dec 16.

The funds raised from this exercise will be allocated for expansion plans.

RM7.90 million will be set aside for the establishment of the TopVision International Eye Specialist Centre in the Klang Valley, followed by RM5 million for expanding the ACC network with new centres in Kuala Terengganu, Tawau and Sabah.

Another RM500,000 will be allocated for purchase of machinery, and RM4.50 million for expenses for the transfer of listing.

"This move not only accelerates our growth, but underscores our commitment to advancing eye healthcare across Malaysia.

"With the funds raised, we will expand our ACC network, establish TopVision International, and invest in new machines, all aimed at enhancing patient care,” Dr Peter Chong Kuok Siong, the chief executive officer and executive director of TopVision, said in a statement.

TopVision and its subsidiaries are principally involved in the provision of medical eyecare services that range from general eyecare to treatment of eye disease.

Hong Leong Investment Bank is the adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByIsabelle Francis

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