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KUALA LUMPUR: UMediC Group Bhd, which is slated for listing on Bursa Malaysia’s ACE Market on July 26, aims to raise RM31.11 million from its initial public offering (IPO).
The distributor and manufacturer of medical consumables products will allocate RM3.5 million from the gross proceeds to construct a new factory, RM6.8 million to set up new marketing and distribution offices in Kuala Lumpur and Johor, RM9 million for repayment of borrowings, and RM8.66 million for working capital.
Executive director and chief executive officer Lim Taw Seong said it is timely for the group to scale up its business to ride on the growth of Malaysia’s medical device industry, which is expected to record a compound annual growth rate of 12.1 per cent, from RM12.11 billion in 2021 to RM21.41 billion in 2026.
He said the growth is expected to be driven mainly by pent-up demand for medical devices from the medical tourism industry as well as existing and new hospitals.
‘’Most importantly, in light of our manufactured medical consumables, we are seeing an increasing awareness of using disposable medical products to reduce the risks of cross-contamination, especially after the pandemic.
‘’Therefore, our management team foresees a huge untapped potential and we are poised to seize these valuable opportunities,’’ he said during the launch of the prospectus for its IPO today.
UMediC produces HydroX Prefilled Humidifier and AirdroX Spacer Anti-Static Valved Inhaler Chamber, which currently contributes 20 per cent to its total revenue.,
Eighty per cent of revenue is generated from the distribution segment for products including defibrillators, ventilators, ultrasound machines, furniture, and maternal and infant care.
In the near future, the company targets to grow its medical consumables business’ contribution to revenue to 50 per cent by introducing more new products and increase production capacity.
Lim said the construction of a new factory in Batu Kawan with a built-up area of 35,000 square feet would support the upcoming commercialisation of its new products such as sterile water for inhalation, digital oxygen flowmeters, prefilled nebulisers, and humidity sensors.
The new facility will also support the production expansion of its HydroX and AirdroX series.
Legal and corporate adviser Ng Sze Hui said that once completed, the plant would double the company’s production to 600,000 units from 300,000 units monthly, which is expected to be achieved next month.
She said UMediC distributes its products to more than 30 countries.
Meanwhile, UMediC’s IPO comprises a public issue of 97.22 million new shares at 32 sen per share, out of which 18.69 million shares will be made available to the Malaysian public and 13.08 million shares allocated to eligible directors, employees and business associates, which have contributed to the success of the company.