KUALA LUMPUR (Dec 10): Medical devices firm LAC Med Bhd (KL:LACMED) made its debut on the Main Market of Bursa Malaysia on Wednesday, with a flat opening. 

The counter opened at its initial public offering (IPO) price of 75 sen in the morning. It closed up 1.5 sen or 2% at 76.5 sen by the end of the trading day, with some 48.6 million shares changing hands. At its last price, it has a market capitalisation of RM306 million.

The listing follows an oversubscription rate of 12.64 times for the public portion. The Bumiputera tranche was oversubscribed by 10.85 times, while demand from non-Bumiputera investors exceeded supply by 14.43 times.

The IPO raised RM55.65 million for the company and RM22.5 million for selling shareholders, including group chief executive officer Liew Yoon Poh, non-executive chairman Liew Yoon Kit, and substantial shareholder Giam Teck Eng.

Post-listing, their combined stake was reduced from 75% to 53.7%, while Chan Yue Mun’s 25% stake decreased to 18.6% as he did not divest shares.

The proceeds from the exercise will be used for LAC Med’s plans to accelerate expansion in Malaysia and Indonesia with RM8 million earmarked for its new Medical Equipment Asset Management Services (MEAMS) division and an Equipment-as-a-Service (EaaS) rental model aimed at reducing upfront investment for hospitals.

The group has already commenced operations in Jakarta and is funnelling another RM8 million from proceeds to establish branches in Sumatra, Surabaya, and Kalimantan between 2026 and 2027. 

“These initiatives will empower healthcare providers to optimise asset utilisation and patient care, while also strengthening our recurring income base to ensure sustainable long-term growth,” said Liew during his speech at Bursa’s listing gallery. 

Founded in 2003, LAC Med distributes, integrates and services medical devices across radiography, ultrasound, consumables and software, representing brands such as Samsung, Philips, Stryker, LG, Abbott and Bayer. It has installed more than 2,500 units of equipment to over 300 healthcare clients nationwide.

RHB Investment Bank is the principal adviser, joint underwriter, and placement agent for the IPO exercise, with Alliance Bank as a joint underwriter.

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