262% share price rise for Perth biotech after IPO
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Singapore and Perth-based biotech company Osteopore has begun life on the ASX today with a sharp share price surge, following a $5.25 million initial public offering.
Osteopore raised the IPO funds at 20 cents per share, and closed its first day of trade at 72.5 cents.
The IPO price indicated a market cap of $20.2 million.
West Perth-based Alto Capital acted as lead manager to the IPO and Ventnor Capital acted as corporate adviser.
The company develops 3D-printed implants from a patient's CT scans that facilitate bone regrowth.
The implants are dissolved by the body to mitigate the need for invasive surgery to remove them.
Ostepore said it would use the funds raised from the IPO to ramp-up production of its products and penetrate the US, European, Chinese and Australian markets.
It currently predominately operates in South Korea and Vietnam, and last year it reported a $930,000 loss from around $990,000 of revenue.
Long-serving Resmed chief financial officer Brett Sandercock is Osteopore’s non-executive chairman.
Two of the company’s six-person executive management team are based in Australia.
Polaris Consulting principal Geoff Pocock serves as Ostepore’s executive director.
Mr Pocock, who is based in Western Australia and was formerly the managing director of Hazer Group, said he was extremely pleased by the support for Osteopore.
“The success of Osteopore’s IPO raising shows the strong appetite from ASX investors for well-priced technology investment opportunities,” he said.
“Our focus now is on execution of our business plan to build value in the company for shareholders.”
Stuart Carmichael will serve as a non-executive director.
Mr Carmichael is also a non-executive director of De.mem and ClearVue Technologies.
Osteopore’s head office is in Singapore, but its other registered office is in West Perth.
Two other WA-based new ASX listing’s are scheduled to occur this week, with Mader Group slated for September 26 and Trigg Mining for the following day.