KUALA LUMPUR (Jan 15): 1 Doc International Bhd, which operates a chain of beauty care centres, has filed for a listing on the Main Market to raise funds for aggressive expansions and cash for its shareholders.

The company plans to open 31 new outlets over the next four years in Malaysia and Singapore, according to the listing’s draft prospectus. The initial public offering (IPO) will also see four shareholders, including 37-year-old founder Ong Hong Keat, reaping more than 40% of the proceeds.

“Our business strategy focuses on expanding market access and coverage to capture new growth opportunities,” 1 Doc said. “This is essential, as our beauty care service packages require customers to visit our beauty care centres regularly.”

1 Doc currently operates more than 50 outlets in Malaysia and four in Singapore with brands including One Doc x Hair Doc, Slim Doc and Perfect Doc, providing beauty care, including body, facial and hair care services.

Based in Puchong, Selangor, the company made a net profit of RM97 million on revenue of RM347 million in 2024. Nearly all of the revenue was from Malaysia and more than 80% of its income was from services.

Apart from outlet expansion, 1 Doc also plans to buy beauty care equipment and refurbish some of its existing beauty care centres. The company has also set aside of the proceeds to acquire medical aesthetic centres in Malaysia. Potential acquisition targets have yet to be identified, 1 Doc said.

The rest will be used for repayment of bank borrowing, expansion of its warehouse and regional offices, as working capital, and to defray listing expenses.

Ong, who is also the chief executive of 1 Doc, chief operating officer Joel Yap Jiang Feng, and chief learning officer Chin Boon Keat and investor Teoh Hui Sim will be putting up part of their existing shares for sale.

RHB Investment Bank is the principal adviser, sole underwriter and a joint placement agent with Maybank Investment Bank.