IPO market gets a boost as Medtronic-backed GI Dynamics gobbles $85m
This article was originally published in Clinica
GI Dynamics has raised Aus$80m ($85.2m) in an initial public offering on the Australian Stock Exchange, boosting hopes of an IPO recovery in the medtech market. The final amount was the minimum which the US company had hoped it would raise; it had allocated up to Aus$15m in oversubscriptions, according to its prospectus. Nonetheless, Aus$80m will still enable GI to be the largest float of the year so far in Australia. The company will be listed on 7 September under the ticker symbol GID, with a market value of Aus$304m.