Medcorp opens IPO, eyes growth in private healthcare sector

MEDCORP Ltd, one of TT’s largest and longest-standing private healthcare providers, has launched its initial public offering (IPO), offering the public an opportunity to invest in the company for the first time in its 31-year history.

The company, which operates several medical facilities in Port of Spain and Woodbrook, is offering 350,000 ordinary shares at $48 per share. The invitation period opened on May 27 and will close on June 13.

Investors can access the prospectus and subscription details through Republic Wealth Management Ltd (RWML), the lead stockbroker for the IPO.

The proceeds from the share offering will be used to support Medcorp’s ongoing growth strategy, enhance its infrastructure and broaden its services within the healthcare sector.

Executive chairman Dr Kongshiek Achong Low described the IPO as a significant milestone for the company and a sign of confidence in the country’s healthcare market.

“This is a pivotal milestone in our company’s journey,” Achong Low said in a statement. “Our decision to go public reflects the strength of our business, our confidence in the future and our commitment to providing long-term premier healthcare service to this nation.

“We are most grateful to our employees, patients and affiliates as well as the physicians who use our facilities, all of who have been integral to our journey.

“As we embark on this new chapter for Medcorp, we are very excited to invite individual subscribers and investors to come aboard and join us on this continuing journey of excellence.”

Founded in 1993, Medcorp operates four medical facilities in north-west Trinidad. St Clair Medical Centre, its flagship facility, is a 60-bed acute care hospital offering 24-hour accident and emergency services, surgical suites, intensive care, maternity care, dialysis, diagnostic and pharmacy services.

The company also owns Goodhealth Medical Centre in Woodbrook, which provides executive health assessments, same-day surgeries, laboratory testing and private consultations.

Its oncology arm, the Brian Lara Cancer Treatment Centre, offers radiotherapy and chemotherapy services.

Doctors Radiology Centre in Port of Spain provides diagnostic imaging, including digital X-rays, mammography, ultrasound and bone densitometry.

Medcorp also holds a 50 per cent stake in Caribbean Heart Care-Medcorp Ltd, the country’s only centre that performs both emergency and elective cardiac procedures, including paediatric heart surgeries.

The company said funds raised through the IPO will be directed toward further expansion, infrastructure improvements and service development as it looks to strengthen its market position.

According to the prospectus, available on RWML’s website, the IPO is open to individual, institutional and corporate investors. The total offer value is $16.8 million.

While the company has not announced a minimum subscription amount for individual investors, it said shares will be listed on the stock exchange after the invitation period closes and shares are allocated.