LEAP Market debutant Sancy rises 116% to 26c/share

From left: Sancy group managing director Dr Izhar Che Mee, non-executive chairman Tan Sri Shahril Shamsuddin, group CEO Prabuddha Kumar Pronob Chakravertty and Astramina Advisory Sdn Bhd managing director Datin Wong Muh Rong

KUALA LUMPUR: Digital healthcare solutions provider Sancy Bhd has made its debut on the LEAP Market of Bursa Malaysia.

According to the company's statement, the stock opened at 26 sen per share, a premium of 14 sen or 116% over its reference price of 12 sen, with 10,000 shares done.

Based on the price of 26 sen a share, the company had a market capitalisation of RM176.58mil.

The company said it raised RM7.67mil via an issuance of 78.6 million new shares, the proceeds of which will go towards working capital, technology research and activities, among other things, within 24 months.

Over the next year, Sancy said it targets to onboard approximately 100 hospitals in Malaysia into its Insurance Data Exchange and Analytical System (IDEAS) platform and to deliver double digit-growth for its financial year ending March 31, 2024.

Beyond that, Sancy plans for the overseas market to be its key growth contributor by leveraging on the IDEAS platform.

This platform consists of an integrated data exchange middleware, which streamlines and automates claims processes through the Guarantee Letter (GL) between patients, healthcare providers and insurance providers.

Sancy group CEO Prabuddha Kumar Pronob Chakravertty (Chaks) said he expects the targeted double-digit growth for both top and bottomline in FY24 to mainly come from its IDEAS platform and Hospital Information System, while its business processing operations and maintenance business segments will provide the remainder of the contributions to Sancy’s growth.

For this year, Sancy intends to expand its presence in Malaysia by reaching out to more healthcare providers and insurance providers.

“For now, we are in negotiations with more than five entities, including insurance providers and healthcare providers, to attract them into adopting the IDEAS platform.

"We are confident to secure at least some, if not all, of them to be our new customers and we are looking to commence the onboarding procedures by the second quarter of 2023,” said Chaks.

“Currently we already have healthcare providers from countries in Pakistan, Thailand, Philippines, India, Bangladesh and Senegal onboarding the IDEAS platform and Hospital Information System. These customers are expected to start contributing significantly to our financial performance in FY25."

For now, nearly 100% of its revenues are derived from Malaysia, although some of its existing customers are incorporated outside of Malaysia.

It currently serves 27 customers in total.

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Sancy , LEAP Market , debut , listing , IPO , healthcare


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