Healthlead debuts 60% higher than IPO

Healthlead (HL), a pharmacy and health products supplier, entered its first day of trading on Friday by rising over 60 per cent from the initial public offering (IPO). 

The share price of HL peaked at 16 baht in the morning session, up 63.3 per cent of its IPO price of 9.80. 

The company is listed on the ​market for alternative investment (mai), with a market capitalization at its IPO of 2.67 billion baht. 

Healthlead operates pharmacies and distributes medicines and health products. Its subsidiary Icare Health offers over 10,000 products across 26 branches in Bangkok under the brands iCare, Pharmax, vitaminclub and Super Drug.

Another subsidiary is Healthiness which conducts research and development of healthcare products under the brands PRIME and Besuto.

Healthcare trend is one of the megatrends amid Covid-19 era where more people are more concerned about their well-being, prompting demand in health products to surge.

“The fundraising will be used for the expansion and improvement of the branches,” HL chief executive Thatchaphon Chonwattanasakul said in a statement. 

According to HL’s financial results, the company recorded a net profit of 57.5 million baht for the first nine months of 2021, up 49 per cent year-on-year. 

Analysts at Finansia Syrus Securities gave a target price of 15 baht, saying there is plenty of room for growth as HL is one the first pharmacy chains in Thailand.

“HL’s strength is that its products are necessary to life, and it does not face intense price competition,” Finansia noted.

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