Street Talk understands clinical services and healthcare technology company Emerald Clinics has launched its IPO, seeking to raise a minimum of $6 million and up to $8 million.
The offer was priced at 20¢ a share, according to terms sent to fund managers. This implied a market capitalisation between $36.8 million and $38.8 million.
Bids were due by 5pm on Thursday and PAC Partners was sole lead manager on the offer, funds were told.
Emerald Clinics operates a network of four medical clinics around Australia, focused on providing care for patients who have exhausted conventional therapies and might be suitable for cannabinoid-based medicines.
The company also captures clinical data from patients to generate evidence for the safety and efficacy of cannabis medicines.
Potential investors were told the company’s patient count was growing at 40 per cent a month and Emerald Clinics was on track to hit more than 1000 active patients by the end of December.
The company has also signed a letter of intent with a UK partner and is investigating options for a clinic in London.
If all went according to plan, Emerald Clinics would start trading on the ASX in early February.