Healthlead Public Company Limited (SET: HL) kicked off its first trading day in the Market of Alternative Investment (mai) at THB15.50 per share, increased THB5.70 or 58.16% from its IPO of THB9.80 per share.
HL is a holding company investing in other companies that operate pharmacies and distribute medicines and health products. At present, HL holds the entire stake in two subsidiaries. The first one is Icare Health Co., Ltd. which runs pharmacy business carrying four brands namely iCare, Pharmax, vitaminclub and Super Drug with more than 10,000 product items via 26 branch outlets in Bangkok. The other subsidiary is Healthiness Co., Ltd. which conducts research and development (R&D) in coinventing and co developing with external research teams along with hiring manufacturers for distributing innovative healthcare products under PRIME and Besuto brands. In 2020, the group generated revenue from the sales of medicines and dietary supplements, and the sales of medical equipment in the ratio of 70:30.
HL has a registered paid-up capital of THB 136 million, consisting of 200.00 million existing common shares and 72.00 million newly issued shares, with a par value of THB 0.50 each. It allotted up to 64.80 million newly issued shares to the general public and not more than 7.20 million newly issued shares to its directors, executives and employees during November 25 – 26 and 29, 2021, at THB 9.80 each for a total of THB 705.60 million. The IPO price was equivalent to the price-to-earnings ratio (P/E ratio) of 37.57 times. Earnings per share is equal to THB 0.26, which was calculated from the company’s net profit of THB 70.95 million in the past four quarters (from October 1, 2020, to September 30, 2021), divided by fully diluted shares. Finansia Syrus Securities pcl is the financial advisor and lead underwriter.
HL Chief Executive Officer Thatchaphon Chonwattanasakul said that the company and subsidiaries focused on prime quality of services. At all branches of the company’s pharmacies, there are full-time pharmacists with expertise and experiences on duty to give advice to customers on product usages. In addition, HL also prioritizes store locations and efficient inventory management. The fundraising will be used for the expansion and improvement of the branches, and as working capital.
HL’s major shareholder after the IPO is the Bhandhukanonda family (72.05 percent). The company’s dividend policy of the group is to pay no less than 40 percent of net profit from its separate financial statement after corporate income tax and other reserves as specified by laws and the regulations of the company.