LONDON (Alliance News) - Induction Healthcare Group PLC on Wednesday said it raised GBP16.6 million as part of its initial public offering on London's AIM market.
In addition to the gross proceeds of around GBP14.6 million from its placing, the healthcare technology company also completed a GBP2.0 million pre-IPO fundraise.
Chief Executive Ibraheem Mahmood said: "The additional funding will enable us to accelerate our growth plans by adding and acquiring new features and functionality to the service we provide and expanding into selective new geographies.
Upon admission, Induction Healthcare had a market capitalisation of GBP34.1 million, with 29.6 million shares - including the 12.7 million that were part of its placing - admitted to trading on AIM.
Shares in Induction Healthcare were trading at 119.50 pence per share on Wednesday, up 3.9% from the IPO price of 115p.
Induction Healthcare has developed the Induction Switch app which provides a directory, messaging, and administration portal for healthcare professionals and had more than 76,200 registered users by the end of February 2019, including 50,000 doctors, GPs, and consultants.
Induction Heal. (INHC)