KUALA LUMPUR (Dec 31): LYC Healthcare Bhd, listed on the ACE Market of Bursa Malaysia, plans to list two of its subsidiaries — HC Orthopaedic Surgery Pte Ltd (HCOS) and T&T Medical Group Pte Ltd — on the Nasdaq Capital Markets through a listing vehicle, LYC Healthcare (Cayman) Ltd.

The proposed listing aims to raise between US$5 million (RM22.33 million) and US$15 million, with a minimum share price of US$4.

LYC Healthcare itself will not receive any direct cash proceeds, as the listing does not involve selling existing shares, the confinement centre operator said in a bourse filing on Thursday.

LYC Cayman, which will become the ultimate holding company for HCOS and T&T, has already filed its draft Form F-1 Registration Statement with the US Securities and Exchange Commission. Shareholders will vote on the proposed listing at an upcoming extraordinary general meeting.

The process involves an internal reorganisation, consolidating HCOS and T&T as wholly owned subsidiaries under LYC Cayman. Following this, LYC Cayman will conduct an initial public offering (IPO) of Class A ordinary shares. The final IPO price will depend on LYC Cayman’s financial performance and market conditions.

After the listing, LYC Healthcare's stake in HCOS and T&T will be diluted from 64.5% to at least 50%, ensuring continued control over the subsidiaries.

Headquartered in Singapore, LYC Cayman and its subsidiaries form a multidisciplinary specialist healthcare group. Their core expertise lies in orthopedic surgery, clinical care, chronic degenerative joint management, and other chronic disease management. They currently operate five clinics in Singapore and aim to become a comprehensive, one-stop provider of musculoskeletal-related medical care.

Half of the proceeds raised from the IPO will be used for mergers and acquisitions in Singapore and Malaysia, targeting general practitioner and specialist that complement their orthopaedic services — especially those focused on musculoskeletal system, ageing treatments, physiotherapy, and occupational therapy.

Of the balance, 20% will be set aside for business expansion — including expanding clinic space, increasing auxiliary service capabilities, hiring more staff and upgrading technology — while 30% will be used for daily operations and working capital.

The listing is expected to be completed by the first half of 2025, barring any unforeseen circumstances.

LYC Healthcare previously withdrew a similar listing plan for its subsidiary, LYC Medicare (Singapore) Pte Ltd (under which HCOS and T&T were parked at the time), on the Catalist Board of the Singapore Exchange Securities Trading Ltd in June. It later abandoned the attempt, initiated in 2022, citing unfavourable conditions in the Singapore equity market.