Investors were clearly excited to welcome aged care-focused software-as-a-service (SaaS) stock InteliCare (ASX:ICR) to the ASX, with the company trading at nearly double its IPO price on debut.

The company’s platform tracks and monitors the movement of elderly residents in their home. It is able to alert carers and family members of  unexpected changes and provides daily confirmation that all is well.

The company raised $5.5m at 20c a share and kicked off its first trading session at a 95 per cent premium. It has since edged back a bit, but is still up nearly 50 per cent.

Aged care tech the new norm

CEO Jason Waller told Stockhead this afternoon he was happy with the Intelicare’s debut.

“It’s a fantastic result, it was a great open and the price has held up well so we’re really happy,” he said.

Waller also said Intelicare would be doing more than just playing a role in Australia’s aged care market.

“This kind of technology will become the new normal in the same way smartphones have become normal, helping you stay safe in your own home,” he said.

“Aged care is a broad definition. There are 250,000 in residential aged care but around five times that many receiving home care packages — 1.2 million. Then there are three to four times that number of people who don’t get anything.

“If you think back a number of decades ago, the Baby Boomer population was preparing for retirement and we introduced compulsory superannuation.

“That same bubble of people is moving from retirement ageing and we need to think about how we need to look after them.”

 

Good news in the short-term too

But it was not just future optimism that fuelled the share price.

Immediately prior to listing the company announced that its core application, InteliLiving, was now available on Microsoft’s Azure marketplace. It also revealed it had secured a major public sector order.

Western Australia’s Department of Communities Justice Services ran a trial of Intelicare’s products in the Bennett Brook Disability Justice Centre.

This centre hosts accused people found to be either unfit to stand trial or not guilty due to mental impairment.

InteliCare trialed its products in the centre in recent months, its dashboard as well as new sensors only deployed in February last year. The department has now made a $50,000 order as the first step of a two-stage implementation.

Brett Hunt, director of Disability Justice Service at the WA Department of Communities, said the software materially increased the safety of residents and staff.

At Stockhead, we tell it like it is. While Intelicare is a Stockhead advertiser, it did not sponsor this article.