Rakuten Trade has assigned a fair market value of RM0.42 and has awarded the BUY call for TopVision Eye Specialist Bhd, ahead of the eye specialist's listing transfer to Bursa's Ace market scheduled on 16 December 2024, according to a research note published by the market analysis firm on Dec 6.

The fair valuation at RM0.42 reflects a premium of nine sen, or over 27%,  from TopVision's Ace market Initial Public Offering (IPO) issuance price of RM0.33.

For the Ace market listing, TopVision will issue a total of 54,220,000 new shares to raise nearly RM17.9 million (RM17,893,000).

The new issued shares will allocate nearly 15.5 million, specifically 15,492,000, shares for public investors. A total of 4.8 million (4,800,000) shares will be reserved for eligible directors, employees and those who have contributed towards the company, and the balance of 33.9 million, specifically 33,928,000, shares will be allocated for institutional investors and appointed investors.

The company announced on Dec 5 it received a total of 16,671 applications for 924,756,100 issued shares, resulting in an oversubscription rate of nearly 60 (59.69) times.

The company is primarily involved in medical eye care services, operating through 11 ambulatory care centres (ACCs) across Malaysia, offering services ranging from general eye care to advanced vitreoretinal surgeries.