CardieX, an Australian medical-device maker, has announced its plans to conduct an initial public offering (IPO) in the United States. The company intends to sell over 1.33 million American depositary shares (ADSs) at a price range of $7.50 to $8 per share.
If the IPO is priced at the lower end of the range, CardieX anticipates net proceeds of approximately $6.7 million. However, this amount could increase to around $8.1 million if the underwriters exercise their option to purchase an additional 200,000 ADSs.
The net proceeds from the offering will provide CardieX with funds for 18 months of business operations in the U.S. This financial backing will support the company’s plan to expand its operations and facilitate the launch of its products into target markets.
Currently, CardieX’s ordinary shares are traded on the Australian Securities Exchange, with a total of more than 143 million shares outstanding. Each ADS being offered in the U.S. IPO represents 75 ordinary shares, making the total number of ordinary shares being offered 100 million.
