LAC Med Berhad

Date of Prospectus: 14 November 2025

LAC Med Berhad IPO: Growth-Driven Healthcare Play Targets Main Market Listing with Robust Financials and Strategic Expansion

LAC Med Berhad launches its highly anticipated IPO, positioning itself as a leading integrated medical device and healthcare solutions provider in Malaysia and Indonesia. This article delivers an in-depth analysis for investors, covering IPO details, financial performance, sector trends, management, risk factors, and listing outlook based strictly on prospectus data.

IPO Snapshot: Offer Structure, Pricing, and Key Metrics

LAC Med Berhad’s IPO is a Main Market offering on Bursa Malaysia Securities Berhad, structured for both institutional and retail investors.

Application Window: Opens 14 November 2025, 10:00 a.m. – Closes 25 November 2025, 5:00 p.m.
Listing Date: 10 December 2025

Use of Proceeds: Capitalizing for Growth and Deleveraging

LAC Med Berhad is raising approximately RM55.6 million in gross proceeds from the Public Issue. The use of funds signals an aggressive growth strategy, significant deleveraging, and operational enhancement.

Key takeaway: The capital raise is squarely aimed at business expansion (Malaysia and Indonesia), digital transformation (EaaS/MEAMS), and strengthening the balance sheet via debt repayment [[30]], [[47]].

IPO Allocation: Retail, Institutional, and Key Stakeholder Participation

LAC’s IPO structure ensures broad-based participation, with targeted allocations for public, Bumiputera, employees, and institutional players.

Retail Offering is fully underwritten. Institutional Offering is not underwritten but is supported by irrevocable undertakings from investors. Clawback and reallocation mechanisms ensure optimal subscription and regulatory compliance [[38]].

Dividend Policy: Commitment to Shareholder Returns

The board intends to recommend and distribute at least 30% of annual audited profit after tax (PAT) as dividends, subject to regulations, working capital, and investment needs. For the years under review, dividends were declared and paid, though the absolute amounts are not detailed in the summary [[32]].

Deal Parties: Advisors, Underwriters, and Listing Support

Principal Adviser, Sole Placement Agent & Underwriter: RHB Investment Bank Berhad
Issuing House & Share Registrar: AscendServ Capital Markets Services Sdn Bhd

Joint Underwriters: Names not detailed in the summary; full list in Section 4.6.

No greenshoe/over-allotment option is present. The underwriters’ obligations and right to terminate are clearly outlined, with material adverse change triggers specified. The Retail Offering is fully underwritten for investor confidence.

Company Overview: Integrated Healthcare Solutions with Regional Ambitions

LAC Med Berhad is an integrated distributor and solutions provider for medical devices, healthcare informatics, and value-added services. Business activities span:

• Supplying, integrating, and maintaining medical devices (radiographic, MRI, ultrasound, consumables) for hospitals and healthcare institutions in Malaysia and Indonesia
• Healthcare informatics and asset management solutions (including new MEAMS segment with RFID, barcoding, predictive maintenance, cloud-based platforms)
• Equipment-as-a-Service (EaaS) model for flexible, recurring revenue
• Key customers include major hospital groups and university hospitals

Recent expansion: Strategic acquisitions (LAC Medical, CVS Medical, GoCloud) completed September 2025, strengthening vertical integration and technology portfolio [[23]].

Financial Performance: Consistent Growth and Strong Margins

LAC Med Berhad demonstrates robust revenue and profit growth, margin stability, and healthy deleveraging.

Key observations:

• Revenue and profit have grown strongly across the periods reviewed.
• Margins remain attractive, with EBITDA margin consistently above 15%.
• Leverage has decreased, supporting financial resilience.
• Current ratio improving, indicating healthy liquidity [[31]].

Market Position and Competitive Strengths

LAC Med Berhad is positioned as a leading player in Malaysia’s medical device distribution and integration market, with competitive advantages including:

• Integrated solutions (hardware, software, and services)
• Experienced management team and strong relationships with major healthcare providers
• Expansion into high-growth healthcare informatics and Equipment-as-a-Service
• Regional ambitions, with direct operations and acquisitions in Indonesia

Management and Key Personnel

Board and senior management bring deep industry experience and operational expertise:

• Liew Yoon Kit – Non-Independent Non-Executive Chairman
• Liew Yoon Poh – Group Chief Executive Officer (Promoter, largest shareholder)
• Chan Yue Mun – Non-Independent Non-Executive Director
• Dato’ Ng Wan Peng – Senior Independent Non-Executive Director
• Lim Su May – Independent Non-Executive Director
• Goh Teck Hong – Independent Non-Executive Director
• Key Senior Management: Hong Chong Chet (Deputy CEO), Thean Yain Peng (CFO), Teh Peng Ting (Chief Commercial), Sum Sheau San (Service Ops), Choo Mei Peng (Chief People Officer) [[29]].

Sector Trends, IPO Timing, and Market Environment

Malaysia’s healthcare sector is experiencing robust growth, driven by increasing healthcare expenditure, technology adoption, and rising demand for advanced medical devices and informatics. LAC’s expansion into Indonesia taps into one of Southeast Asia’s fastest-growing healthcare markets.

Timing: The IPO is scheduled for 10 December 2025, capturing year-end portfolio flows and regulatory support for sectoral growth. The offer period (14–25 November 2025) ensures sufficient time for institutional and retail participation [[6]].

Macro context: The prospectus outlines a stable economic and regulatory environment, strong sector tailwinds, and a favorable listing window for healthcare plays.

Ownership Structure, Lock-Ups, and Shareholder Breakdown

Pre- and post-IPO shareholding structure is dominated by the promoter and key management, with substantial shares in the hands of long-term stewards.

Moratorium: Major shareholders’ stakes are subject to a 6-month lock-up post-listing.

Risk Factors: Legal, Regulatory, and Operational Exposures

LAC Med Berhad’s risk profile includes:

• Business/operations risks: Customer concentration, supplier dependence, regulatory compliance, technology risk, and expansion execution
• Industry risks: Regulatory changes, competitive intensity, supply chain disruptions
• Investment risks: Market volatility, currency exposures, possible under-subscription, and delays in listing

Specific material exposures are detailed by section in the prospectus, but all risks are managed with board oversight and compliance mechanisms [[8]].

Growth Strategy: Regional Expansion and Digital Transformation

LAC Med Berhad’s growth engine is powered by:

• Setting up a new head office and warehouse in Malaysia (RM12 million)
• Expanding Indonesian business (RM8 million allocation)
• Launching EaaS and MEAMS solutions (RM8 million), including investment in digital infrastructure, cloud platforms, and predictive maintenance
• Strategic M&A to deepen regional presence and technology stack

Timeline: Most capex is scheduled within 36 months of listing, with clear milestones and accountability.

Valuation and Peer Comparison

LAC Med Berhad’s IPO is priced at RM0.75 per share, implying a price-to-earnings (P/E) multiple of approximately 14.7x FY2024 earnings and a pro forma price-to-book (P/B) of 2.88x (book value per share RM0.26). Peer metrics are not disclosed.

No other peer IPOs or sector performance tables are disclosed.

Analyst Coverage and Research Opinions

No explicit analyst coverage, target prices, or opinions are cited in the prospectus.

IPO Allotment and Subscription Results

Final subscription outcomes and oversubscription metrics are not disclosed.

Listing Outlook: Investor Sentiment and First-Day Prospects

Based on the solid financials, growth-driven use of proceeds, committed dividend policy, and experienced management team, LAC Med Berhad’s IPO is positioned as an attractive investment for growth and yield-seeking investors.

The full underwriting of the retail tranche, institutional support, and sector tailwinds suggest strong book quality and potential for robust first-day trading.

Estimated first-day range: The offer price of RM0.75, supported by a 14.7x P/E and clear growth plans, suggests potential for a premium listing, with valuation headroom subject to market sentiment and healthcare sector performance.

Where to Get More Information and How to Apply

Prospectus access: www.bursamalaysia.com

Application channels: Participating brokers, banks, and Bursa Malaysia e-IPO platforms. Application is open to retail and eligible institutional investors from 14 November 2025, 10:00 a.m. to 25 November 2025, 5:00 p.m.