Shares in Thonburi Healthcare Group, the country’s third largest hospital operator, dipped modestly in their debut on the SET yesterday.

The group raised Bt3.2 billion (US$98.2 million) selling 85 million shares at Bt38.00 per share – 10.01% of the company. They closed the day down 1.3% at Bt37.50.

THG operates five private hospitals in Thailand. Its two flagship hospitals are Thonburi Hospital and Thonburi 2 Hospital located in Bangkok, though it also has three private hospitals in upcountry: Rajyindee Hospital at Songkla, Ubonrak Thonburi Hospital at Ubonratchathani and Sirivej Hospital at Chantaburi. It has operations too in both Weihai, Shandong and in Yanong.

THG was the first private hospital to enter into a public-private cooperation agreement with the ministry of interior and the ministry of public health. The company manages two hospitals in Thailand: Pattaya City Hospital in Pattaya and Phuket Provincial Hospital in Phuket plus one Central Medical Unit at Kohlan. Here it provides public hospitals with physicians, medical staffs and a professional management team to bridge the gap between public and private hospitals’ healthcare standards.

During the first nine months of the year it reported a 6.4% decline in profits to Bt401.4 million on revenues that rose 4.6% to Bt4.9 billion.

The majority of the funds raised will be used to repay debt, with the remainder for working capital.

Lead underwriter for the deal was Thanachart Securities.