First ASX debut of 2021 off to a bang as TruScreen pops

It's a champagne start for TruScreen's ASX debut. Image: Getty Images

Kiwi cervical cancer screening company TruScreen (ASX:TRU) has made a strong debut on the ASX and is now dual-listed.

At 11.48 am, TRU shares were trading at 9c and earlier had reached as high as 9.9c, following a “compliance IPO” in which TruScreen raised about $1.9 million at NZ7c or 6.5c a share.

The company has been listed on the NZX since 2014 and its ASX listing brings back Australian medical technology to Australia.

TruScreen makes a pen-like digital wand that is placed on the surface of the cervix to gently detect signs of cervical cancer.

The company says it is more accurate than conventional pap tests and delivers the results within minutes, eliminating the need for a follow-up doctor’s visit.

The company is focused on sales to China as other low- and middle-income countries where there’s no laboratory infrastructure to collect and analyse pap smears, nor an entrenched national screening program.