Healthcare technology maker G Medical Innovations sets terms for $18 million US IPO

G Medical Innovations Holdings, which provides app-connected medical devices for monitoring vital signs, announced terms for its IPO on Monday. The company was previously listed on the ASX (GMV) but voluntarily delisted from the exchange this past October. This is G Medical Innovations' third US IPO attempt, having previously filed in October 2020, withdrawing the following November, and May 2019, withdrawing the following August.

The Rehovot, Israel-based company plans to raise $18 million by offering 3 million shares at a price range of $5 to $7. At the midpoint of the proposed range, G Medical Innovations Holdings would command a market value of $80 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 sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol GMVD. ThinkEquity is the sole bookrunner on the deal.