Singular Health to raise $1m ahead of IPO

13/03/2020 - 14:34

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West Leederville-based medtech startup Singular Health will raise $1 million ahead of a planned IPO in September, with PAC Partners appointed lead manager for the listing.

Singular Health to raise $1m ahead of IPO
Singular Health managing director Thomas Hanly (left) and chief operating officer James Hill. Photo: Gabriel Oliveira

West Leederville-based medtech startup Singular Health will raise $1 million ahead of a planned IPO in September, with PAC Partners appointed lead manager for the listing.

The company, which manufactures medical virtual reality technology, will offer 10 million shares at $0.10 for the raise, with funds going towards pre-IPO working capital and preparation.

That offer will close at the end of this month, with a post-money valuation of $6.5 million expected as a result.

Managing director Thomas Hanly previously told Business News that Singular Health had already raised around $700,000 from two separate capital raises.

Singular Health operates globally, with offices in Singapore and the UK.

The company indicated in yesterday’s EGM that it would open further offices globally for resellers ahead of its expected September listing, with potential markets including Canada, New Zealand and Japan.

Denning Chong, principal of James Chong Lawyers since 2004, is non-executive chair, and Kwang Guan Tay, adjunct associate professor at faculty of health and medical sciences at the University of Western Australian, is a non-executive director.

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