Perth medtech lists on ASX
International law firm Squire Patton Boggs has advised a Perth-based medical technology company on its multimillion-dollar IPO and listing on the ASX.
Firm: Squire Patton Boggs (Singular Health Group Ltd).
Deal: Singular Health Group Ltd (Singular Health) has completed an IPO and ASX listing.
Value: $6 million.
Area: Corporate, finance.
Key players: The team advising Singular Health was led by Squire Patton Boggs corporate partners Chris Rosario and Tony Chong, with assistance from senior associate Blair Strickland and associate Alix Poole.
Deal significance: Singular Health is based in Perth, Western Australia, where it focuses on the development of medical software for the visualisation, manipulation and transfer of medical imaging data in 3D and virtual reality.
The company officially listed on the ASX on 12 February 2021 with an indicative market capitalisation of approximately $20.5 million, based on the IPO issue price.
“Over the past three years, Singular Health has developed its proprietary Volumetric Rendering Platform (VRP), which can convert traditional 2D radiological images into fully immersive 3D volume rendered models,” a statement from Squire Patton Boggs said.
“The heavily oversubscribed IPO raised AU$6 million via the issue of 30 million shares at an issue price of AU$0.20. Funds raised will primarily be used to support Singular Health’s growth strategy, with a keen focus on scaling its VRP technology, conducting research and development, providing working capital and the purchasing of a titanium 3D printer.”
Commenting further, Squire Patton Boggs corporate partner Mr Rosario said: “We are all thrilled to have assisted Singular Health with their successful IPO and ASX listing.”
“This transformative technology Singular Health has created greatly assists those in the healthcare industry and we are proud to be associated with a company in this sector. We look forward to following Singular Health’s journey as a listed company on the ASX.”