Overcoming the challenges of coronavirus, InteliCare manages to get listed and will debut today on the ASX. The company’s lead manager JP Equity closes its book of the $5.5M IPO early. More investments are being made by private healthcare companies and the government to improve the quality of living the elderly and the disabled. In 2019, the Australian government spent over $20 billion on aged care, and approximately 66% of this was spent on residential aged care [1]. Recognizing this growing need as an opportunity, InteliCare was established in 2016. InteliCare is an Australia-based company that creates predictive analytic hardware and software technology to support the lives of senior citizens and people with disabilities.
More about ASX IPO of InteliCare
Jason Skinner, Managing Director at JP Equity, said that the target of $5.5 million was surpassed almost quickly. The bid was closed at $6.2 million to avoid a large number of individual investors. Skinner added that the majority of the stock in the IPO of health-care technology company was bought by high net worth clients of his financial service firm JP Equity.
Greg Leach, Chairman and co-founder of InteliCare, said that Monday (25th May 2020) will be a momentous day in the history of the company. He added that they started the IPO process to really drive the expansion of their market-leading technology and enable them to commercialise other opportunities in the market of aged care.
Useful functions of the technology by InteliCare
InteliCare has proudly commercialised an AI-based in-home aged care monitoring platform that is designed to observe and learn from the behaviours of sick and elderly individuals. As it ‘learns’ the typical behaviour of a patient or an aged individual, alerts can be set to send to loved ones in case of suspicious activities or emergency situations through its app. For example, if an individual has not left her bedroom in 12 hours or so, or if she hasn’t left the bathroom within a certain period of time or even if the refrigerator was not opened or has been shut down properly.
The recent IPO ASX was successful in defying the consequences of Coronavirus and made it to the ASX Listing. After the success of InteliCare ASX IPO, this Perth-based private healthcare business is now a $14.6 million publically listed company. The company is now more than ready to compete with other Australian Stock Exchange companies and all decked up with serious funding to focus on aggressive sales efforts to derive revenue for the company.
Source
[1] Australian Institute of Health and Welfare (2019) [Online] Available from: https://gen-agedcaredata.gov.au/Topics/Government-spending-on-aged-care
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