The company’s share began trading at 26 sen, which was 14 sen above its offer price of 12 sen, giving it a market capitalisation of RM176.58 million.
The initial market capitalisation, at the issue price of 12 sen per share, was RM81.5 million.
Sancy had raised RM7.67 million via the issuance of 78.6 million new shares prior to the IPO.
The proceeds will be used for working capital, technological research, and development activities among others, within 24 months.
The listing price of 12 sen per share was determined by the implied price-earnings multiplier of approximately 24.5 times based on the average profit guarantee per annum of RM3.33 million.
Over the next year, Sancy hopes to bring 100 Malaysian hospitals aboard its insurance data exchange and analytical system (Ideas) platform.
The platform comprises an integrated data exchange middleware that streamlines and automates claims processes through guarantee letters (GL) between patients, healthcare providers and insurance providers.
It has undertaken to deliver double-digit growth for the financial year ending March 31, 2024 (FY24).
Sancy is also looking to expand abroad after 2024 by leveraging on its Ideas platform.
CEO Prabuddha Kumar Pronob Chakravertty expects the Ideas platform to contribute to its targeted double-digit growth for both top and bottom lines in FY24.
“We already have healthcare providers from Pakistan, Thailand, the Philippines, India, Bangladesh and Senegal on board Ideas as well as our hospital information systems. These are expected to start contributing significantly to our financial performance in FY25,” said Prabuddha, better known as Chaks.
As of now, 100% of Sancy’s revenue is derived from its operations in Malaysia, although some of its existing customers are incorporated outside the country. It serves 27 customers in total.
As part of the listing exercise, Sancy had secured Shahril Shamsuddin and his vehicle Sapura Capital Sdn Bhd as its strategic shareholder. Collectively, they hold RM13.27 million for a 20.25% stake. Shahril will also be serving as non-executive chairman of Sancy.
“I am investing in Sancy as its management is sound,” Shahril said, adding that he personally sees huge potential in the medical information technology business.
“The Group’s been very nimble and its business model has been evolving very fast and efficiently since 2018,” he added.
In FY22, the Group delivered a net profit of RM959,000 on the back of RM4.3 million in revenue.
Formed in 2017, Sancy provides healthcare information management systems services through IT business processing operations (IT-BPO), maintenance services, as well as non-clinical solutions.
Their focus is on improving efficiency for healthcare service providers through digitisation as operations of healthcare institutions involve the management of an array of services, such as treatment, patient management, record keeping, and housekeeping which are carried out day-to-day.