Amongst the debris of ASX-listed companies that have been laid to waste by the ravages of the Coronavirus, one curious company has managed to get a listing away. Aged care in-home monitoring firm, InteliCare, will debut on the ASX today after its lead manager, JP Equity, closed its book early when it was overrun by investors looking to get a piece of the $5.5m IPO.
InteliCare has commercialised an artificial intelligence infused in-home monitoring platform that learns and remembers the daily behaviours of a sick or elderly person.
The platform makes use of commercially available movement and power sensors to report on the movements and activities around the home of a loved one that may be at risk due to age or poor health.
Once it has learnt what a “typical” behaviour looks like, alerts can then be regularly sent to love ones via an APP if the resident has not left his or her bedroom for a whole day for example, or if they entered but did not leave the bathroom within a certain period.
It can even tell if the fridge has not been opened for extended periods or the oven has been left on.
InteliCare is headed up by Jason Waller and this is not his first ASX listed success.
Waller previously managed to double the market cap of ASX-listed digital mapping specialist, Spookfish, before it was taken over in a deal worth $136m.
JP Equity Managing Director, Jason Skinner, said the majority of stock in the InteliCare IPO was taken up by high net worth clients of his Nedlands based boutique financial services firm that led the raise.
He said the $5.5m target was surpassed at a canter and the book was closed after bids reached $6.2m to avoid savage pare backs of individual investors.
The youngish operators at JP Equity have been making a mark on the Perth corporate scene lately with their investor briefing nights at Steve’s Pub in Nedlands regularly attracting over 200 high net worth types and a swag of ASX-listed CEO’s to present.
Skinner said his firm has raised nearly $17m across 21 capital raises over the last 18 months and those numbers do not include the InteliCare raise.
They say the trend is your friend and with COVID-19 rocking markets like never before, health and aged care is definitely on trend right now and with over 500 shareholder bids for the IPO, it would seem that InteliCare has struck a chord with investors looking to get exposure to these areas.
Intelicare’s key shareholders on listing day include the founders of Empired Ltd, a $140m plus market capped company and Michael Boyd, founding Director, former Chairman and former major shareholder of ASX50 Sonic Healthcare Ltd.
Large shareholder, co-founder and Chairman of InteliCare, Greg Leach said; "Monday will be a tremendously momentous day in InteliCare’s history. We started the IPO process to really drive the expansion of our market leading technology and enable us to commercialise other opportunities in the aged care market.”
Interestingly, InteliCare is essentially an annuity generating business that earns revenue from the same individuals on a regular basis over a long period of time and the business is only limited by its sales efforts.
With one ring of the bell at the ASX, Waller, Skinner and InteliCare turned what was otherwise a growing but private business into a $14.6m publicly listed company that is cashed up and seriously well funded for that sales effort.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
