Auckland software developer Orion Health has announced plans to raise up to $150 million through an NZX and ASX sharemarket listing in late November, which will fund growth including through boosting the firm's research and development capacity.
Orion's initial public offer (IPO) has been one of the worst-kept secrets in the New Zealand sharemarket. It has been speculated upon for years, but the company - which develops IT systems used in hospitals - consistently avoided any official comment on the IPO other than to say it was one option it was considering for raising capital.
Today, Orion finally confirmed it is planning to raise $120 million to $150 million through an IPO of ordinary shares to clients of retail brokers in New Zealand and institutional investors.
Orion is expected to have a market capitalisation of up to $800 million following the IPO.
An entity associated with chief executive Ian McCrae was looking to sell $5 million of shares through the offer, the company said.