Control Bionics kicks off frenetic IPO week; nearly doubles on debut
Link copied to
Control Bionics (ASX:CBL) has begun life on the ASX on a solid note, and is close to more than doubling at its IPO price.
The company’s technology solutions help people with disabilities which hinder verbal communication, such as cerebral palsy and motor-neurone disease, to still do so.
Control Bionics’ three key markets are the USA, Australia and Japan and it believes between them 56,000 people annually are diagnosed with conditions that fall into its key target user base.
The company has the seal of approval from America’s FDA and Australia’s TGA.
Control Bionics raised $15 million at 60 cents per share at its IPO. Shares quickly rose to $1.15 at market open – a gain of over 90 per cent.
Control Bionics’ IPO is only the beginning of another busy week for new listings.
According to the ASX, nine IPOs are set to list this week all having raised $486 million between them.
This follows on from last week which had seven IPOs – four of which were on Friday.
The biggest of this is non-bank lender Liberty Financial (ASX:LFG) which has raised over $300 million. Other big IPOs include skin care clinic business SILK Laser (ASX:SLA) and telco Genus Plus (ASX:GNP).
Over the next month, 29 companies are set to join Control Bionics and IPO. The total amount being raised is over $2.1 billion.