Market for Alternative Investment (mai) will list KT Medical Service pcl, a one-stop hemodialysis provider, on Dec 23 under the ticker symbol "KTMS". The company has a market capitalization at its initial public offering (IPO) of THB 930 million (approx. USD 26.75 million).
mai President Prapan Charoenprawatt said KTMS will be listed and start trading on mai in the Services industry group.
KTMS is a subsidiary of Filter Vision pcl (FVC) and provides dialysis services at standalone facilities and outsourced hemodialysis centers at hospitals. The company has three subsidiaries in which it holds 85-100 percent stakes. The subsidiaries operate related business covering design, installation and maintenance of water purification system, distribution of hemodialysis machine, production and distribution of hemodialysis solution, and design and installation of pneumatic tube carrier systems.
As of September 30, 2022, the group of companies had 254 hemodialysis machines and 20 hemodialysis centers, of which 17 are in hospitals and three standalone hemodialysis units, covering most regions of the country - two facilities in the Central Plain including Bangkok, 10 in the Northeast, four in the North, and two each in the East and the western region. In the first nine months of 2022, revenue from the hemodialysis units at hospitals accounted for 81 percent of its total revenue and that from the standalone clinics made up 19 percent. Of the overall revenue, 74 percent came from hemodialysis services, 11 percent from the design and installation of water purification system and the distribution of hemodialysis machines, 9 percent from the production and distribution of hemodialysis solution, 4 percent from the design and installation of pneumatic tube carrier systems, and the remaining 2 percent from others.
KTMS has a paid-up capital of THB 150 million, consisting of 223.36 million existing common shares and 76.64 million newly issued shares, with a par value of THB 0.50 each. It offered 7.66 million shares with pre-emptive rights to FVC shareholders during December 7-9, 2022, as well as 51.73 million shares to persons at the underwriters' discretion, 10.35 million shares to the company's patrons and 6.90 million shares to the company's directors, executives and employees during December 13-15, 2022, at THB 3.10 each, for a total of THB 237.57 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 37.29 times. The earning per share is equal to THB 0.083, which was calculated from the company's net profit of THB 24.94 million over the past four quarters (from October 1, 2021, to September 30, 2022), divided by fully diluted shares. Capital One Partners Co., Ltd. is the financial advisor and Globlex Securities Co., Ltd. is the lead underwriter.
KTMS Chief Executive Officer Kanjana Pongpattanadecha said with the 15 years of her experience in being nurses specializing in hemodialysis and the quality team, the company has understanding and caters to demand in rapid manner, and therefore has been well recognized in hemodialysis business. In addition, Wijit Techakasem phd, who has expertise in water system, helps the company to extend comprehensive services to clients and creates business opportunities for the FVC group. The proceeds arising from the fundraising will be invested in hemodialysis clinics, a hemodialysis solution factory and an engineering service center and as working capital.
KTMS's major shareholders after the IPO are FVC (53.08 percent), the Kriatchawanun family (7.67 percent) and the Techakasem family (5.39 percent). The company's dividend policy is to pay at least 40 percent of net profit from its separate financial statement after corporate income tax and all reserves required by laws and its regulations.
For more information on KTMS, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.ktms.co.th and www.set.or.th.