KUALA LUMPUR (Jan 15):
Beauty care centre operator 1 Doc International Bhd has filed for a Main Market listing on Bursa Malaysia to raise funds for aggressive expansion and to provide cash returns to its shareholders.
According to its draft prospectus, the company plans to open 31 new outlets over the next four years in Malaysia and Singapore. More than 40% of the IPO proceeds will go to four existing shareholders, including founder Ong Hong Keat, 37.
1 Doc said its strategy focuses on expanding market reach and outlet coverage, as its beauty care packages require customers to visit centres regularly.
The Puchong-based company currently operates over 50 outlets in Malaysia and four in Singapore, under brands such as One Doc x Hair Doc, Slim Doc, and Perfect Doc. Its services include body, facial, and hair care treatments.
In 2024, 1 Doc recorded a net profit of RM97 million on revenue of RM347 million, with nearly all revenue coming from Malaysia. More than 80% of income was generated from services.
Besides opening new outlets, the company plans to:
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Purchase new beauty care equipment
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Renovate selected existing centres
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Acquire medical aesthetic centres in Malaysia (targets not yet identified)
The remaining IPO proceeds will be used to:
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Repay bank borrowings
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Expand warehouses and regional offices
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Fund working capital
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Cover listing expenses
Founder and CEO Ong Hong Keat, COO Joel Yap Jiang Feng, CLO Chin Boon Keat, and investor Teoh Hui Sim will sell part of their existing shares as part of the IPO.
RHB Investment Bank is acting as principal adviser, sole underwriter, and joint placement agent alongside Maybank Investment Bank.