Singular Health makes solid ASX debut

Shares in Singular Health have almost doubled in value on its first day of trading on the ASX, finishing with a market capitalisation of $50 million.

That comes after the Subiaco-based medtech company issued 30 million shares at 20 cents each for its IPO, raising $6 million.

Shares were trading as high as 40 cents at 1pm AEDT, before settling at 38 cents at closing.

The company has more than 130 million shares on issue, including approximately 47 million ordinary shares on issue.

Founded in 2017 and led by managing director Thomas Hanly, the company’s primary focus is its VR technology, which allows medical professionals to observe interactive 3D models of the human body.

Mr Hanly in January said the $6 million raised from the initial offer would go towards purchasing a titanium 3D printer, which the company believes will be the first of its type used in the Southern Hemisphere.

He also said the company would focus on improving overall health literacy for patients globally.