Smilelink plans to raise M$10.4 million in IPO

Malaysian dental chain Smilelink plans to raise M$10.4 million (US$2.5 million) in an IPO on Bursa Malaysia’s LEAP board – a complementary marketplace for small and medium enterprises.

Smile-Link Healthcare Global plans to sell 95 million shares at M$0.11 per share. The group’s market capital on completion is expected to be M$104.5 million.

Founded in 2001, the group has 56 dental clinics and one dental centre across eight states in Malaysia. They are marketed under six brands: “Drs Wong and Partners Dental Surgeons”, “SP Dental”, “Dentiste’ Clinic”, “Sky Dental Clinic”, “Subang Dental Specialist” and “Toothfairy Dental Clinic”.

For the eight months to August last year, Smilelink had profits of M$2.8 million on revenues of M$19.3 million.

The majority of proceeds will be used to establish up to 25 new dental clinics with the remainder for working capital.

The company is expected to list in April.

Placement agent and adviser on the deal is Wyncorp.