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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Qualitas Medical Group Limited



Qualitas Medical Group Limited ("Qualitas") is issuing 22m New shares at $0.25 per share comprising 1.1m shares via public offer and 20.9m shares via placement. The Company was established in 1997 and is a leading private healthcare services provider in Malaysia. The IPO will close on 28 August 2008 at 12pm.

Revenue for FY2007 is RM 57.7m and net profit is RM 6.3m. From FY2005 to FY2007, the revenue increased from RM 51.9m to RM57.7m but the net profit has actually declined over the same period from RM 6.7m to RM 6.3m. This somewhat indicated a trend of small, gradual growth with declining margins. Qualitas is listing at the historical PE of 12.9x based on the fully diluted no. of shares. Based on post-ipo shares of 134,684,221 shares, the market cap of Qualitas is S$33.7 million.

Qualitas must have studied the Healthway IPO very closely. Healthway is now trading at a more 'reasonable' valuation of 9.16x PE (historical) at current price of $0.12 (a drop of 66% from its IPO price of $0.36) and there is no vendor sale for Qualitas.

Unless you are very bullish about the Malaysia healthcare sector in the next 3 years, my view is to give this IPO a miss until there is a clearer picture of its expansion plans and execution in India and the region. 1 chilli for now.





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Anonymous said…
Hey, thanks for the info.
Do you remember how did the IPO do in the first day? What was the open and close of the day?
30 June 2014 at 16:03
Mr. IPO said…
If I recall correctly, eventually the board decided not to proceed with the IPO.
30 June 2014 at 16:44
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