RealTime IT News

Australian Online Health Network To List on ASX

Health Communications Network (HCN) is set to become the first Australian online health related company to list on the Australian Stock Exchange.

The company will list AUS$20 million public shares in a recently closed and heavily oversubscribed offering.

HCN a provider of Internet based health care information and clinical software for medical practitioners, offered shares to the public using bookbuild, a process that allows retail investors to apply for shares on the Internet.

The eCapital bookbuild technology was developed by advisers to the offer, Ord Minnett Corporate Finance. Gordon Fell, joint CEO of Ord Minnett, said the high level of activity recorded during the online bookbuild process shows that Australian retail investors are keen to embrace the opportunities offered by innovative technology such as eCapital.

The HCN offer was oversubscribed at the top end of the indicative price range of AUS$1.20 to AUS$1.60.

"The board has set the final price at AUS$1.45 representing a discount of approximately 10 per cent of the indicative price range, as we regard a strong secondary market as important to the long term success of HCN as a listed company," said Arthur Charles, chairman of HCN.

All public applicants who submitted valid applications at or above the final price will receive an allocation of shares. Applicants will be notified of share allocations during the week of November 29.

The money raised from the float will be used to complete HCN's acquisition of UK-based Microinfo.