Malaysia’s Qualitas Healthcare defers IPO plan as it waits for better market conditions

Visual from Qualitas Healthcare website

Qualitas Healthcare Corp Bhd has placed its listing plans on hold, as it intends to wait for improved market sentiment to carry out its initial public offering (IPO).

Chairman and managing director Dr Noorul Ameen said Qualitas does not have a timeline for its IPO, and is not looking to rush it either.

““It won’t be anytime soon for us to conduct a corporate exercise. It may be six months from now, [or] maybe a year,” he commented.

“It would be pointless for us to go to the market now and not get the valuation that we aim for,” he told reporters, after the launch of its loyalty card with BLoyalty Sdn Bhd in conjunction with World Heart Day on Thursday.

Noorul said despite the overall the depressed sentiment, there were many institutions showing interest in Qualitas before the IPO plan was shelved.

He noted that the group did not want to risk disappointing its investors if its share price falls after the company goes public.

“We had enough investors to do an IPO, but whether there would be enough support post-listing was the question. How are our investors going to react to that? We didn’t want to disappoint them,” he said, noting firm interest from foreign investors.

Noorul conceded that Qualitas’s expansion plan is not proceeding at the rate it had hoped for due to the absence of a fundraising exercise.

The group has near-term plans to expand geographically and its range of services provided.

“[For one,] we are in the process of setting up ambulatory services, which means you don’t have to be admitted (into a hospital). People today still go to the hospital to perform minor surgeries which are expensive,” Noorul said.

Also read:

Qualitas postpones IPO indefinitely, no reason given

Qualitas to buy RadLink? Acquisition changes IPO valuation

Qualitas Healthcare to decide between IPO & trade sale, this week

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.