G Medical Innovations Holdings, which provides mobile health and telemedicine solutions and monitoring service platforms, filed on Thursday with the SEC to raise up to $30 million in an initial public offering. The company is currently listed on the ASX (GMV) but plans to delist from the exchange this month. It had previously filed for a US IPO in May 2019 but withdrew the following August.
The Rehovot, Israel-based company plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, G Medical Innovations Holdings would command a fully diluted market value of $329 million.
G Medical Innovations is an early commercial stage healthcare company developing mobile health (mHealth) and telemedicine solutions and monitoring service platforms. Its current product offerings include Prizma medical device, a clinical grade device used to transform smartphones into medical monitoring devices, and Extended Holter Patch System, a multi-channel patient-worn biosensor that captures electrocardiogram data continuously for up to 14 days. The company is also developing a Wireless Vital Signs Monitoring System.
G Medical Innovations Holdings was founded in 2014 and booked $5 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol GMVD. The company filed confidentially on July 17, 2020. Boustead Securities and Fosun Hani Securities are the joint bookrunners on the deal.
