Technology company Oneview Healthcare has fomally listed its shares on the Australian Securities Exchange (ASE) after raising A$62.4m (€42m) in the first deal of its kind by an Irish company.
The Dublin-based Oneview Healthcare produces software for hospitals, including products that can help integrate IT systems across devices like bedside terminals, televisions, tablets and smartphones.
The business already sells into markets including Australia and Dubai, and has its sights on the vast US healthcare sector.
The sale of a third of the business through an initial public offer (IPO) is to fund “aggressive growth of its digital platform that is revolutionising patient care in Australia, the USA and the Middle East”, Oneview said.
The St Patrick’s Day market debut in Australia caught the interest of local backers with Irish dancers, green balloons and green neckties that celebrated both the listing and Ireland’s national festival.
“Australia is our most mature market and 50pc of our shareholders are Australian,” founder and executive director Mark McCloskey said.
“For a company established in Dublin in 2008, we have come a long way in a short amount of time and today’s IPO will provide the launch pad for our company’s growth and expansion into new markets,” he said.
Oneview said the listing was a milestone for Irish-Australian corporate relations, but other companies and bankers will also be watching it for signs that Australia’s IPO market still has appeal following a quiet 2015.
Oneview’s technology is in four hospitals in Australia, where the health sector is growing quickly as a result of an ageing population.
With that growth, the government has been cutting subsidies – a factor McCloskey said would stoke demand for products that improved efficiency.
In reality the location for the listing was selected in large part because of the link to Australian shareholders, who had backed the Dublin-headquartered software business with venture funding. Early backers also include Enterprise Ireland.
“A key focus of Enterprise Ireland is to support Irish companies to scale in international markets. Enterprise Ireland has been working with Oneview since 2008 and I warmly congratulate them on this exciting and historic occasion,” Enterprise Ireland’s Julie Sinnamon said.
“As one of the leading global providers of patient engagement solutions for healthcare facilities, Oneview is a fantastic example of the type of innovative Irish companies that are making a real impact in global markets.
“I wish Oneview every success as they continue to grow and expand in international markets,” Ms Sinnamon said. (Additional reporting Reuters)
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