Tentative Date(s):

• Opening of application - 25 November 2024
• Closing of application - 03 December 2024
• Balloting of applications - 05 December 2024
• Allotment of IPO shares to successful applicants - 12 December 2024
• Transfer of Listing from LEAP to ACE Market - 16 December 2024

Company Background

The company was incorporated in Malaysia under the Act on 27 March 2018 as a private limited company under the name of TOPVISION Eye Specialist Sdn Bhd. Subsequently, on 7 June 2018, they converted into a public limited company and assumed its present name. On 18 June 2018, the company became the investment holding company and undertake the listing on the LEAP Market of Bursa Securities on 21 November 2018. Through its subsidiaries, they are principally involved in the provision of medical eye care services that ranges from general eye care to treatment of eye diseases.

The company group structure after listing is as follows:

Use of proceeds

1. Establishment of TOPVISION International - 44.15% (within 18 months)
2. Establishment of TOPVISION Kuala Terengganu and Tawau - 27.94% (within 24 months)
3. Purchase of machines - 2.79% (within 12 months)
4. Estimated expenses for Transfer of Listing - 25.12% (within 1 month)

Establishment of TOPVISION International - 44.15% (within 18 months)

The company has earmarked RM7.90 million of the gross proceeds from its Public Issue for the establishment of TOPVISION International, which will be a multi-disciplinary specialist tertiary eye ACC where, on top of their existing services offering, they intend to introduce additional sub-specialty services such as corneal transplants, surgeries for pediatric eye diseases and disorders, aesthetic and oculoplastic surgeries, and refractive (i.e. LASIK and implantable collamer lens) surgeries.

The cost of establishing TOPVISION International is estimated to be RM24.75 million whereby the proceeds from its Public Issue will fund RM7.90 million, RM11.85 million will be funded through bank borrowings and/or internally generated funds which RM3.75 million have been utilised by the company Group and the balance of RM8.10 million have been secured by the company Group via a combination of 2 term loans, while the remaining RM5.00 million were funded through the total gross proceeds raised from their listing on the LEAP Market. The estimated breakdown of the cost of establishing TOPVISION International and the source of funding is as follows:

Establishment of TOPVISION Kuala Terengganu and Tawau - 27.94% (within 24 months)

The company has earmarked RM5.00 million of the gross proceeds from its Public Issue and RM1.42 million funded through internally generated funds to establish two additional ACCs in Kuala Terengganu, Terengganu and Tawau, Sabah respectively for their expansion further into Peninsular Malaysia and into East Malaysia.

The breakdown of the estimated costs of setting up TOPVISION Kuala Terengganu is as follows:

The breakdown of the estimated costs of setting up TOPVISION Tawau is as follows:

Purchase of machines - 2.79% (within 12 months)

The company has earmarked RM0.50 million from the gross proceeds from its Public Issue to acquire 2 new phacoemulsification machines which are used to emulsify and remove cataractous/ cloudy lens from patient's eye during cataract surgery. The purchase of the machines is to replace them with upgraded phacoemulsification machines to the existing equipment in their existing ACCs.

In the event that the actual cost of the 2 new phacoemulsification machines exceeds the earmarked amount of RM0.50 million, the shortfall will be funded by their internally generated funds and/or bank borrowings, the proportion of which has yet to be determined at this juncture. However, if the actual cost of the 2 new phacoemulsification machines is lower than the earmarked amount, the surplus will be utilised for the establishment of TOPVISION International.

Business Model

The company business model is as follows:

Click here to continue the IPO - Topvision Eye Specialist Berhad (Part 2)

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