G Medical Innovations Holdings, which provides app-connected medical devices for monitoring vital signs, launched its IPO on Thursday. The company was previously listed on the ASX (GMV) but recently delisted its shares. 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 $362 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. Boustead Securities and Fosun Hani Securities are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
