Shares in 3D body implant printer Osteopore up 300pc on ASX debut
Health & Biotech
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Shares in 3D body implant printing stock Osteopore (ASX:OSX) are having a monumental debut day on the ASX, up a whopping 300 per cent above its initial public offering (IPO) price.
Osteopore, which specialises in the production of 3D printed “bioresorbable” implants, raised $5.25m in its IPO offering 26.3 million shares at 20c a pop.
Those OSX shares today opened at 63c, and have hit as high as 80c — that’s a remarkable 300 per cent improvement for those who bought in during the IPO.
Brett Sandercock, chairman of Osteopore, said the support received from investors would allow the company to grow.
“We are excited by the possibilities for improving health outcomes for patients as the Osteopore technology is increasingly used by surgeons globally,” he said.
“The funds from the IPO will greatly accelerate our sales and marketing efforts and enable the company to increasingly supply products to key global markets.”
Sandercock has an eye for success, too. He is the long-time chief financial officer of medtech ResMed (ASX:RMD).
“Obviously there’s a big difference between ResMed and Osteopore but what I think from talking to the team is that there are global aspirations and global market opportunities that have similarities to ResMed 20 or 30 years ago,” Sandercock recently told the Australian Financial Review.
Geoff Pocock, director, added, “We are extremely pleased by the support for the company from Australian and international investors, and the success of Osteopore’s IPO raising shows the strong appetite from ASX investors for well-priced technology investment opportunities.”