SINGAPORE (Apr 3): Malaysia-based primary healthcare provider Qualitas Medical is eyeing a return to the Singapore Exchange (SGX).

This time, the group is planning an initial public offering (IPO) on SGX’s Mainboard, according to a preliminary prospectus lodged with the Monetary Authority of Singapore (MAS) on Mar 29.

Qualitas had been listed on Singapore’s Catalist board in 2008, but was taken private in a US$36 million ($47 million) deal in 2011.

Engaging more than 420 doctors, Qualitas operates some 240 general practice (GP) clinics, 27 dental clinics and 12 medical imaging centres across Malaysia, Australia, Singapore and India.

Under the offering, there will be a public offer in Singapore as well as an international placement to investors, which will include institutional and other investors in Singapore.

Some shares under the international placement will also be reserved for the directors, management, employees and business associates of Qualitas who have contributed to its success.

Qualitas plans to use the net proceeds from the listing for strategic investments and acquisitions in new and existing markets.

“We intend to rely on our in-depth experience and expertise to source, identify, evaluate and pursue suitable opportunities (including greenfield opportunities) in new markets including selected countries in the Asean region, such as Indonesia, Myanmar and Vietnam, taking into account country specific factors and our prudent selection criteria for selection of new markets,” Qualitas says.

In the full year ended Dec 2016, Qualitas saw its earnings grow 6.6% to $6.1 million for FY16, from $5.8 million a year ago.

FY16 revenue grew 6.3% to $139.7 million, from $131.4 million a year ago. According to Qualitas, the group saw approximately 2.5 million customer visits to its clinics in 2016.

As at end September 2017, cash and cash equivalents stood at $29.5 million.