The 1 Doc International IPO on Bursa Malaysia has been scrapped after the beauty care centre operator failed to secure its target valuation, sources told The Edge. The Puchong-based company had filed for a Main Market listing in January to raise funds for an aggressive expansion. Its founder and CEO, Dr Michael Ong Hong Keat, 37, wanted the listing to raise the company’s profile.
Why Did the 1 Doc International IPO Fall Through?
The valuation gap was the core issue. One source said the company was “expecting more of a double-digit price-earnings ratio (PER), in the high teens.”
Investor appetite was weak even at a lower bar. The Edge reported on July 20 that fund manager interest was not as strong as anticipated, even at a valuation of under 10 times earnings.
What Is 1 Doc International’s Business and Expansion Plan?
1 Doc provides body, facial and hair care services, alongside beauty care and related products. It operates 53 centres in Malaysia and four in Singapore, where operations only started in August 2024.
- 18 new Malaysian centres planned within 36 months from listing
- 7 new Singapore centres in the same plan
- Draft prospectus filed on Jan 14 and updated on May 22, now no longer available on the Securities Commission Malaysia’s website
How Strong Is 1 Doc International’s Financial Track Record?
- FY2023: revenue RM302.41 million, net profit RM89.67 million
- FY2024: revenue RM346.96 million, net profit RM97.05 million
- FY2025: revenue RM421.38 million, profit after tax RM129.98 million, profit before tax about RM176.5 million
- Gross profit margin: 81.84% in FY2024, down from 83.49% in FY2023
- Gearing: 0.36 times as at Nov 1 last year
By our calculation, FY2025 profit after tax rose about 33.9% from FY2024, while revenue grew about 21.5%. Margin slipped 1.65 percentage points in FY2024, even as sales expanded.
What Was the Structure of the 1 Doc International IPO?
The proposal comprised a public issue of 341.4 million new shares and an offer for sale of up to 238.98 million existing shares. Under the offer for sale, four shareholders, Ong, Joel Yap, Chin Boon Keat and Teoh Hui Sim, were to collectively receive more than 40% of gross proceeds.
Post-listing, the four shareholders and an investment holding company linked to Ong would hold 74.5% of the enlarged equity. Ong alone was expected to hold 44.7%.
Before the IPO, Ong held 60.5%, chief operating officer Yap held 20% and chief learning officer Chin held 15%. The source does not disclose the offer price, subscription dates or tentative listing date, so none is stated here.
How Does 1 Doc Compare With DC Healthcare on Valuation?
DC Healthcare Holdings Bhd (KL:DCHCARE) is the closest Bursa peer, offering aesthetic services, general medical services and skincare products. Its ACE Market IPO in July 2023 was priced at 25 sen, raising RM49.81 million at a PER of 26.04 times on profit after tax of RM9.56 million for the financial year ended Dec 31, 2022.
DC Healthcare closed its first trading day at 45 sen, up 80% from its IPO price. As at Oct 30, the stock had fallen to 7.5 sen, down 70%, for a market value of RM74.7 million.
The gap in valuation targets is wide. 1 Doc sought a high-teens PER, against DC Healthcare’s 26.04 times at pricing, yet fund manager interest still lagged even under 10 times earnings.
Is CVC Capital Partners Involved in 1 Doc International?
Two other sources said private equity firm CVC Capital Partners is interested in acquiring a stake in 1 Doc to help it scale regionally. Ong told The Edge: “We are not selling … [no] trade sale or anything.”
RHB Investment Bank, the principal adviser and sole underwriter, and Maybank Investment Bank, the joint placement agent, declined to comment. Ong also declined to comment on the status of the IPO.
What Happens Next for 1 Doc International Shareholders?
It remains unclear whether 1 Doc will revive its listing plans later or consider alternative fundraising options. The source does not show how the 18 Malaysian and 7 Singapore centre openings will now be funded.
How to Apply for the Next Bursa Malaysia IPO
No 1 Doc International application is open, so the offer cannot be applied for. For future Bursa Malaysia IPOs, online applications need a direct CDS account in the applicant’s own name, and only one application per IPO is allowed.
Apply through the M+ Global app using Invitation Code UBZQ. For assistance, WhatsApp +60169059789. You can also read IPO Investing with M+ Global before the next offer opens.
Key Takeaways
- The 1 Doc International IPO was scrapped because the valuation target was not met, and fund manager interest was weak even under 10 times earnings.
- FY2025 profit after tax reached RM129.98 million on RM421.38 million in revenue, but gross margin slipped to 81.84% in FY2024.
- Ong holds 60.5%, and CVC Capital Partners interest was reported, though Ong says “We are not selling.”
- DC Healthcare Holdings (KL:DCHCARE) fell 70% from its IPO price, a reminder of how aesthetic-sector listings can reprice.
Frequently Asked Questions
Why was the 1 Doc International IPO scrapped?
The 1 Doc International IPO was scrapped after the company failed to secure the valuation it was seeking, sources say. One source said it wanted a double-digit PER in the high teens.
How much profit did 1 Doc International make in FY2025?
1 Doc International reported a profit after tax of RM129.98 million for FY2025, on revenue of RM421.38 million. Profit before tax stood at about RM176.5 million.
Is 1 Doc International listed on Bursa Malaysia?
No, 1 Doc International is not listed on Bursa Malaysia because its planned IPO on the Main Market has been scrapped. The company has no stock code on Bursa Malaysia.
Will 1 Doc International revive its IPO?
It remains unclear whether 1 Doc will revive its listing plans or consider alternative fundraising options. Ong declined to comment on the status of the IPO.
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Disclaimer: This article first drew on The Edge Malaysia Weekly, published November 2, 2026 – November 8, 2026, with OneCredit data as cited. It is for information only and is not financial advice. Always do your own research before making any investment decision.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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