Shares of Orion Health Group Limited today began trading on the NZX Main Board and ASX following a successful IPO that raised $125 million including $120 million in new capital.
Strong demand for the shares from eligible institutions and the clients of NZX firms saw the shares priced at $5.70, at the top of the indicative price range of $4.30-$5.70.
Orion Health Chairman Andrew Ferrier says the Company is delighted to have attracted the strong support of all its new shareholders.
“Both our new shareholders and those who have supported the company over the last 21 years clearly understand the dynamics of the health data expansion and Orion Health’s ability to deliver world class solutions that will provide better outcomes for patients, providers and those who fund healthcare services," he says.
“At Orion Health we are now well equipped with the necessary resources to invest in further research and development to capture these once in a generation opportunities.”
Orion Health Founder and Chief Executive Officer Ian McCrae says health sectors in many countries are keenly aware of the impending funding crisis they will experience in the next few years.
"This will be driven by ageing populations, the huge increase in health data likely to flow from new devices and the demands of patients for greater control over their own healthcare," he adds.
“Orion Health is already at the forefront with solutions that are delivering benefits to our 450 customers across 25 countries.
"We are now funded to significantly increase our research and development efforts to expand our capability and solutions for customers and I am very excited that many of these great new roles will be in the New Zealand IT sector."
NZX Chief Executive Officer Tim Bennett says the addition of Orion Health to the NZX Main Board is a further demonstration of the opportunities for growing companies to gain the support of New Zealand investors.
"The listing of Orion Health today demonstrates the effectiveness of the New Zealand capital markets," he adds.
"Since it was formed, Orion Health has had access to private equity and now the public markets which has provided it the capital to rapidly grow the business at each stage of its development."
Orion Health’s shares trade with the code OHE on both the NZX Main Board and ASX.