SANCY MAKES A FLAT DEBUT ON LEAP MARKET AT 12 SEN

By Zufazlin Baharuddin

KUALA LUMPUR, March 22 (Bernama) -- Digital healthcare solutions provider, Sancy Bhd (Sancy) opened untraded at 12 sen on its debut on the LEAP Market of Bursa Malaysia today.

However, at 9.55 am, its share price rose to 26 sen per share, a premium of 14 sen or 116 per cent over its opening price of 12 sen, with 10,000 shares traded.

Group chief executive officer Prabuddha Kumar Pronob Chakravertty was unperturbed by the company’s flat opening, saying that investors often wait for good pricing.

“Investors will hold on to the shares for the right pricing,” he said to reporters after the listing ceremony at Bursa Malaysia here today, noting that as the price moved up, interest on the shares had picked up as well.

The company has raised RM7.67 million via the issuance of 78.6 million new shares prior to the Initial Public Offering (IPO), and the funds will be utilised for working capital, technology research and development activities, among others.

Over the next year, Sancy aims to onboard approximately 100 hospitals in Malaysia into its Insurance Data Exchange and Analytical System (IDEAS) platform and deliver double-digit growth for its financial year ending March 31, 2024 (FY24).

Beyond 2024, Sancy is aiming for the overseas market to be its key growth contributor by leveraging the IDEAS platform.

The platform consists of an integrated data exchange middleware, which streamlines and automates claims processes through the Guarantee Letter (GL) between patients, healthcare providers and insurance providers, it said.

Meanwhile, Prabuddha expects the targeted double-digit growth for the company’s top and bottom line in FY24 to be mainly driven by its IDEAS platform and Hospital Information System, as well as its business processing operations and maintenance business segments.

As for the company’s plans this year, he said Sancy intends to expand its presence in Malaysia by reaching out to more healthcare and insurance providers, while looking into penetrating the insurance GL processing industry in Malaysia.

“We are in negotiations with several entities, including insurance providers and healthcare providers, to get them to adopt the IDEAS platform,” he said.

Prabuddha added that the company has also been approached by healthcare providers from countries in Pakistan, Thailand, the Philippines, India, Bangladesh and Senegal for onboarding on the IDEAS platform and Hospital Information System.

Major holdings

Formed in 2017, Sancy is principally involved in the provision of digital healthcare solutions and other non-clinical information management systems and related services. 

It also provides total hospital information system solutions, business processing operations and maintenance services, as well as non-clinical solutions.

Its clients include the Pantai Group and an international private healthcare company incorporated in Malaysia with a regional presence across Asia.

Upon its listing, Sancy’s total issued share capital stood at 679.17 million shares, giving it a market cap of RM81.5 million.

As part of the listing exercise, Sancy appointed Tan Sri Shahril Shamsuddin as its non-executive chairman.

Last year, Shahril and his investment vehicle, Sapura Capital Sdn Bhd became Sancy’s strategic shareholders, with a collective total investment of RM13.27 million for a 20.25 per cent stake. 

Meanwhile, Prabuddha, via his holdings in Sancy Consulting Sdn Bhd and Sancy Holdings Sdn Bhd, indirectly controls 68 per cent of Sancy post-listing.

-- BERNAMA