PMCK Berhad IPO's Analysis

PMCK Berhad

PMCK Berhad, incorporated in November 2000 and headquartered in Alor Setar, Kedah, Malaysia, is a leading healthcare services provider with a strong presence in the northern region. As an investment holding company, PMCK operates through its subsidiaries to deliver a comprehensive range of specialist consultant services across 17 medical specializations, supported by healthcare services such as facilities management, ward services, clinical support, medication sales, and nursing care. The group also offers general dental and polyclinic services, catering to diverse patient needs. Anchored by its flagship Putra Medical Centre (PMC), PMCK is expanding its footprint with the PMC Kulim project, a state-of-the-art mixed-use development featuring a private medical center, food court, and hotel accommodations. With nearly three decades of experience, PMCK is committed to excellence in patient care and innovation, solidifying its reputation as a trusted name in Malaysia’s private healthcare sector.

IPO Details
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.22
PE Ratio: 15.9-19.6
    PE (FYE): 15.94
    PE (FPE Annualised): 17.74
    PE (Hybrid): 19.61
MITI allocation?: Yes
Closing Date: 25-Jun-2025
Balloting Date: 30-Jun-2025
Listing Date: 09-Jul-2025
Oversubscription rate: 1.87x
Average Analysts FV :
TA (0.23), RHB (0.24)
iSaham IPO Score :
Market Cap: 239.93 M
Number of Shares: 1,090.60 M
IPO Allocations No. of Shares %
Malaysian Public 54.53 M 5.0%
Bumiputera shareholders approved by MITI 136.32 M 12.5%
Eligible Directors and employees 43.624 M 4.0%
Private placement to selected investors and others 70.839 M 6.5%
Total Allocations 305.32 M 28.0%

Offer for Sales of 32.72 M existing shares representing 3.0% enlarged shares.

Public Issue of 272.60 M new shares representing 25.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Acquisition of equipment for PMC 50,000 83.37
Listing expenses Estimated expenses 4,700 7.84
Debt Repayment of bank borrowings to be drawn for PMC Kulim 5,272 8.79
Total 59,972 100
Analyst Highlights
Date Analyst Highlights
24-Jun-2025
RHB
  • PMCK intends to raise MYR60m from its IPO, to repay bank borrowings and acquire equipment.
  • 3-year (FY24-27) earnings CAGR of 2.7% driven by organic growth, inelastic demand, and established presence.
  • PMCK will expand its medical centre by setting up PMC Kulim (completed by 1Q28).
19-Jun-2025
TA
  • Kedah has one of the lowest private hospital bed densities which gives opportunity to PMCK to expand capacity.
Utilisation of Proceeds
Business Segments
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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