KUALA LUMPUR: Optimax Holdings Bhd made a strong debut on the ACE Market on Tuesday, closing 128% higher at 68.5 sen compared to its initial public offering (IPO) price of 30 sen.
Its share price also hit an intraday high of 76 sen. It was also among the top 20 most actively traded shares, with some 106.9 million shares traded.
The private eye specialist service provider had the public portion of its IPO shares, comprising 13.5 million shares, oversubscribed by 82.07 times.
The company’s IPO of 70 million shares had raised RM21mil. Of this, close to half or RM10.35mil would be utilised for capital expenditure.
The remaining of the proceeds would go towards repayment of borrowings (RM3.52mil), working capital (RM3.53mil) and estimated listing expenses (RM3.6mil).
At the listing ceremony, Optimax CEO Sandy Tan said part of the IPO proceeds will be used to upgrade the Seremban specialist clinic to a ambulatory care centre which has surgical facilities. “We are also bringing in the latest technology for eye check-up equipment and tools for existing centres, ” she said.
The company is also looking at growth via the addition of eye specialist centres within the next five years.“We do intend to increase the number of our centres in the peninsula.
“There is growing demand for eye healthcare, due to an aging population.”
Optimax has 13 eye specialist centres, comprising one specialist hospital, 11 ambulatory care centres and one specialist clinic that are wholly owned or jointly owned with resident eye surgeons.
The team of specialists comprises 18 eye surgeons and 33 optometrists.
Optimax offers a range of treatments relating to eye and vision difficulties or impairment covering refractive error, cataract, glaucoma, macular degeneration, diabetic retinopathy and other eye diseases and disorders.
“While we have expanded rapidly in recent years, with a number of acquisitions made in the central and southern regions of the peninsula in 2017, the listing of Optimax brings with it the funding to expand our market reach and realise our immediate plans, ” said Sandy.
She added that the listing was the first step in getting investors to know the company better since it began operating its first eye specialist clinic in Taman Tun Dr Ismail in 1995.
For its financial year ended Dec 31,2019, Optimax posted a revenue and net profit of RM62.6mil and 8.74mil, respectively.
Optimax presently does not have a dividend policy.
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