Trading debut/mai

Editorial staff

INSPIRE IVF Plc (IVF) will be listed and start trading on Market for Alternative Investment (mai) on this December 11.

Prapan Charoenprawatt, mai president, said that INSPIRE IVF will be traded under the symbol “IVF”.

IVF provides comprehensive fertility treatment services, encompassing expert medical consultation, fertility treatment planning, and diagnostic-based assisted conception solutions including ICSI and IUI to optimize pregnancy success rates. Situated at the Ploenchit Center, IVF's sophisticated 1,000-sq.m. fertility center houses an elite team of reproductive specialists, comprising a full-time doctor, six part-time doctors, and six specialized scientists.

Prapan Charoenprawatt

The company’s business model focuses on two core service segments: 1) comprehensive fertility treatment and associated services, including specialized preconception health programs for couples, advanced preimplantation genetic testing (PGT), and fertility solutions, and 2) preventive and regenerative medicine services catering to the broader healthcare needs of its general clientele.

In the first nine months of 2024, the company's revenue distribution showed that infertility treatments and related services accounted for 90 % of total revenue, while preventive and regenerative medicine services contributed 8 %, and other revenue sources made up the remaining 2 %. Foreign patients represent 80-90 % of IVF's target customer base.

IVF has a paid-up capital of 220 million baht after the IPO, consisting of 310 million existing ordinary shares and 130 million newly issued shares with a par value of 0.50 baht per share. Of these IPO shares, at least 57.5 million shares were offered to subscribers at the underwriters’ discretion, up to 40 million shares to institutional investors, up to 19.5 million shares to the company’s patrons, and up to 13 million shares to the company’s directors, executives and employees from November 29 to December 3, 2024 at 3.10 baht per share.

The offering size is 403 million baht with the IPO market capitalization of 1.36 billion baht (approximately US$ 39.6 million) and the price-to-earnings (P/E) ratio of 44.93 times. The earnings per share is 0.069 baht, calculated from the company’s net profit over the last four quarters (from October 1, 2023 to 30 September, 2024) which totaled 30.36 million baht, divided by fully diluted shares. Finnex Advisory Co., Ltd. is the financial advisor and Kingsford Securities pcl is the lead underwriter.

IVF chief executive officer Kasinee Kuldiloke said the company's dedication to strengthening brand awareness and continuously elevating service quality to reinforce customer trust, highlighting the company's international certifications from AACI, ISO9001:2015, GHA, and Temos as testaments to its exceptional standards of care. She noted that IPO proceeds will be allocated toward expanding the company's branch network, developing complementary wellness-related services, and strengthening working capital.

IVF’s major shareholders after the IPO are Chanachai Joonjiraporn’s group (46.82 %), Puttipong Poomsuwan (11.91 %), and Bundit Anantamongkol (4.20 %). The company’s dividend policy is to pay shareholders a minimum of 50 percent of its net profit after corporate income tax, all legally mandated reserves, and other provisions.