This article first appeared in The Edge Malaysia Weekly on July 20, 2026 - July 26, 2026

1 Doc International Bhd’s plan for a September listing on Bursa Malaysia’s Main Market has been delayed amid weaker-than-expected demand for shares in the beauty care centre operator, sources say.

“The timing is delayed. They’re not getting the valuations they want,” one source tells The Edge.

The Edge understands that 1 Doc’s initial public offering (IPO) prospectus was meant to be issued this month, but will be pushed back. The draft prospectus was filed on Jan 14 and updated in May. 

According to two other sources, fund managers’ interest during the marketing process for the IPO was not as strong as anticipated, even at a relatively undemanding valuation of under 10 times earnings. “For some, it was a case of not being convinced about the outlook for the business,” one source says.

Some question whether the IPO will proceed at all. A few weeks ago, 1 Doc met with a global private equity firm based in Singapore to “explore the option of remaining a private company and selling a stake to them”, one of the sources tells The Edge.

Top officials from 1 Doc could not immediately be reached for comment.

1 Doc sells a range of body, facial and hair-care services, as well as a selection of beauty care and related products. It owns and operates 53 centres in Malaysia and four in Singapore.

The listing was aimed at raising funds for expansion, among others. The company plans to open 18 new centres in Malaysia within 36 months from listing and seven in Singapore, according to the draft prospectus.

The proposed IPO will consist of a public issue of 341.4 million new shares and an offer for sale of up to 238.98 million existing shares.

Under the offer-for-sale component, four shareholders, including 37-year-old founder and CEO Ong Hong Keat, will collectively receive over 40% of the gross proceeds raised from the entire listing exercise. The other three shareholders are Joel Yap Jiang Feng (chief operating officer), Chin Boon Keat (chief learning officer) and Teoh Hui Sim.

Post-listing, the four shareholders, together with an investment holding company in which Ong is a substantial shareholder, are expected to hold a combined 74.5% of the enlarged equity interest in 1 Doc. Ong alone is expected to hold a 44.7% stake.

RHB Investment Bank is the principal adviser and sole underwriter for the IPO exercise, while Maybank Investment Bank is the joint placement agent.

1 Doc, which is based in Puchong, posted a net profit of RM97.05 million for the financial year ended Dec 31, 2024 (FY2024), on revenue of RM346.96 million, up from a net profit of RM89.67 million and revenue of RM302.41 million in FY2023.

Its gross profit (GP) margin fell slightly to 81.84% in FY2024 from 83.49% the year before. As at Nov 1 last year, it had a gearing ratio of 0.36 times.

For the six-month financial period ended June 30, 2025, 1 Doc’s net profit and revenue came in at RM67.67 million and RM204.86 million, respectively, while the GP margin stood at 83.33%. Almost 99% of its total revenue was from Malaysia. The company had commenced its Singapore operation in August 2024.

In its draft prospectus, 1 Doc said it was targeting a dividend payout ratio of 50% to 70% of net profit for each year.

According to the company, it commands a leading market position among a selected group of operators in the beauty industry in Malaysia, predicated on its comparatively higher revenue of RM346.96 million in FY2024. Its customer base grew from 58,388 in FY2022 to 80,066 in FY2024.

Beyond outlet expansion, the company intends to use its IPO proceeds to acquire medical aesthetic centres in Malaysia, though specific targets have yet to be identified. Some of the proceeds will also be used to repay bank borrowings.

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