KUALA LUMPUR (July 9): PMCK Bhd (KL:PMCK) closed 4.6% or one sen higher on its first day of trading on the ACE Market of Bursa Malaysia, after the Kedah-based hospital operator raised RM67 million ahead of its listing.
The stock opened at 22.5 sen on Wednesday, versus its initial public offering (IPO) price of 22 sen per share. It ranged between a low of 21.5 sen and a high of 24 sen during the day before closing at 23 sen a share. This gave it a first-day market capitalisation of RM256.84 million.
The debut follows subdued demand from investors during its IPO that saw a portion of its shares undersubscribed, which then had to be reallocated to other categories of investors.
PMCK operates the Putra Medical Centre in Alor Setar, offering specialist consultant services, emergency care and clinical support with 40 consultants across 17 specialisations.
The company is now in the midst of a mixed development dubbed PMC Kulim, consisting of a 12-storey private medical centre, food court and hotel that will prioritise patients’ family members on a site measuring over 141,000 sq ft in Kulim, Kedah.
“The successful IPO marks an important milestone that will enable us to further our expansion plans, including the development of PMC Kulim and enhancements to our medical services,” said PMCK chairperson Raja Puan Muda Kedah Che Puan Muda Zaheeda Mohamad Arifff.
The IPO raised about RM60 million for PMCK’s expansion and operations, as well as another RM7 million for the selling shareholders managing director Datuk Lee Gaik Cheng, and deputy executive chairman Datuk Lim Kim Huat.
PMCK has earmarked RM50 million of the proceeds to repay bank borrowings to be drawn for expansion and another RM5.3 million to buy equipment for PMC Kulim. The rest will go towards defraying estimated listing expenses.
Zaheeda, who is also the crown princess of Kedah, has a direct stake of 0.02% in PMCK.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO, while Public Investment Bank Bhd and Kenanga Investment Bank Bhd are the joint placement agents.
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