SYDNEY, April 16, 2020 /PRNewswire/ -- Following an oversubscribed initial public offering and the first ASX virtual bell ringing listing, trading of shares in Australian rapid blood test company Atomo Diagnostics Limited (Atomo) commenced on the Australian Securities Exchange (ASX) today under the ticker code AT1.
Strong institutional and retail investor demand led to the company raising a total of $30 million at the offer price of $0.20 per share. Atomo lists with a market capitalisation of $112 million and an enterprise value of $80.31 million.
Key shareholders include billionaire property developer Lang Walker, former Macquarie Bank Chief Executive Officer Allan Moss, the Bill and Melinda Gates Foundation-backed social impact investor Global Health Investment Fund and the Government of Canada's Grand Challenges Canada fund, as well as many well-known Australian institutions.
In recent weeks, Atomo had announced strong interest in the use of its integrated rapid test device for the testing of COVID-19. On 31 March 2020, a binding agreement was announced under which French company NG Biotech would have the right to purchase up to a total of 2.465 million devices during calendar year 2020 for sale in France and the United Kingdom.
Funds raised under the offer will be applied to the expansion of Atomo's manufacturing and distribution capacity to support demand for tests using Atomo's devices, including for COVID-19, HIV and other purposes and continue to support its existing HIV distributors and other original equipment manufacturing (OEM) customers.
Atomo's co-founder and Managing Director, John Kelly said, "This is a hugely significant day in Atomo's history. We started the listing process to underpin the expansion of our global HIV business and enable us to commercialise other opportunities in the rapid blood test market, but through the offer period determined we were also uniquely positioned to make a major impact within the COVID-19 environment. We are now well-capitalised and able to quickly move to meet the significant global demand for reliable rapid testing for COVID-19 in the community," he added.
Atomo Diagnostics Chairman John Keith said, "Given the extraordinary demands being made of economies, capital markets and public health systems, we are most grateful for the confidence and support extended to Atomo and our IPO by new and existing shareholders. Our simple vision of improving health outcomes globally continues to guide Atomo as we accelerate developing growth opportunities and delivering sustainable value to our customers, partners and shareholders," he concluded.
Global Health Investment Fund President and Atomo Board member Curt LaBelle said, "Atomo has already demonstrated the transformative impact of rapid HIV detection globally, and we're proud to see a successful public offering that will enable the firm to quickly action in applying its technology to the commercialisation of COVID-19 test devices. This is a major milestone for Atomo as it continues to take a leadership position in diagnostic testing to help reduce stress on healthcare systems and increase patient access to testing worldwide."
Atomo's shares commence quotation on ASX at 11am AEST, following an online ringing of the bell ceremony, convened by the ASX; lead manager, Canaccord Genuity Australia Limited and IR Department. HWL Ebsworth acted as legal advisor in relation to the IPO.
This announcement was authorised by John Kelly, Managing Director