mai welcomes aesthetic hospital operator MASTER on Jan 25

Tuesday 24 January 2023 09:53
Market for Alternative Investment (mai) will list Master Style pcl, a one-stop cosmetic surgery and aesthetic hospital operator under the brand Masterpiece Hospital, on Jan 25 under the ticker symbol "MASTER". The company has a market capitalization at its initial public offering (IPO) of THB 11.04 billion (appox. USD 333.64 million).

mai President Prapan Charoenprawatt said MASTER will be listed and start trading on mai in the Services industry group.

MASTER operates a one-stop cosmetic surgery and aesthetic hospital named "Masterpiece Hospital" on Sukhothai Road in Dusit district of Bangkok. The hospital applies advanced medical technologies that meet international standards to provide a wide range of cosmetic surgeries including nose surgeries, brow and face lifts, breast augmentation, liposuction for body contouring, eyelid surgeries and facial contouring as well as hair transplant, hair treatment, skincare and laser-related services.

As of September 30, 2022, the hospital had seven beds, 4,267 square meters of service areas, 41 doctors and 533 employees, and surgeries accounted for 80 percent of its total revenue. In 2022, the company reached agreements with Korean College of Cosmetic Surgery and Face Design of South Korea for physician-to-physician consultation to improve cosmetic surgeries at Masterpiece Hospital.

MASTER has a paid-up capital of THB 240 million, consisting of 190 million existing common shares and 50 million newly issued shares, with a par value of THB 1.00 baht each. Existing shareholders sold 15 million shares through IPO on top of the newly issued shares. It offered at least 48.75 million shares to persons at the underwriters' discretion, up to 9.75 million shares to the company's patrons and up to 6.5 million shares to the company's directors, executives and employees during January 17-19, 2023, at THB 46 each, for a total of THB 2.99 billion in offering value.

The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 36.85 times. The earning per share is equal to THB 1.25, which was calculated from the company's net profit of THB 299.61 million over the past four quarters (from October 1, 2021, to September 30, 2022), divided by fully diluted shares. Pioneer Advisory Co., Ltd. is the financial advisor and Finansia Syrus Securities pcl and Yuanta Securities (Thailand) Co., Ltd. are co-lead underwriters.

MASTER Chief Executive Officer Raweewat Maschamadol said the company has been in business for over nine years, starting from an aesthetic clinic to Masterpiece Hospital. Its services are of hospital standards and cover a full range of cosmetic surgeries done by teams of experienced surgeons whose performances are widely recognized. The proceeds arising from the fundraising will be used to construct and renovate building to expand service areas and office space to support increasing services, refurbish the existing hospital and its operating rooms, procure medical instruments and equipment and as working capital.

MASTER's major shareholder after the IPO is the Maschamadol family (67.97 percent). The company's dividend policy is to pay at least 50 percent of net profit from its separate financial statements after corporate income tax and all reserves.

For more information on MASTER, please see the company's prospectus at the Securities and Exchange Commission's website at; and for general information, please visit and

Source: SET Corporate Communications