Recent issues of Orion Health Group shares to private investors provide clues to the issue price in its upcoming initial public offer. The Auckland developer of software systems for patient health management this week confirmed it would raise between $120 million-$150 million through floating on the NZX and ASX late next month.
A prospectus and investment statement are expected to be out next week and it's understood broker reports issued earlier this month had a wide ranging valuation on the company from between $550 million-$900 million.
The company has issued three lots of new shares this year, in June and August, with the shares priced on each occasion at $4 each. That price multiplied by Orion's total of 140,033,954, values the company at $550 million.
In the most recent placement in August, a further 1.28 million shares were issued with just over a million going to the Orion Health Corporate Trustee through its long-term staff share incentive plan.
In June, two placements were made - one for 1.37 million shares and the other for five million. It was a mixed bag with one shareholder selling out, another coming on, and one reshuffling under which entity his shares were held.
