Orion Health Completes $125 Million IPO in New Zealand
Boston, MA – Orion Health, a leading population health management company, announced that shares of Orion Health Group Limited (Orion Health, the Company) began trading on the NZX Main Board and ASX following a successful IPO that raized $125 million (NZD) which included $120 million in new capital. Strong demand for the shares from eligible institutions and the clients of NZX firms saw the shares priced at $5.70, at the top of the indicative price range of $4.30-$5.70.
“Both our new shareholders and those who have supported the company over the last 21 years clearly understand the dynamics of the health data expansion and Orion Health's ability to deliver world class solutions that will provide better outcomes for patients, providers and those who fund healthcare services,” said Andrew Ferrier, Orion Health Chairman. “Orion Health is now equipped with the resources necessary to invest in additional research and development to capture these once in a generation opportunities for innovation.”
“Health industries in many countries are aware of the impending funding crisis they will experience in the next few years. This will be driven by aging populations – the huge increase in health data likely to flow from new devices and the demands of patients for greater control over their own healthcare,” said Orion Health Founder and Chief Executive Officer, Ian McCrae. “Orion Health is already at the forefront with solutions that are delivering benefits to 450 customers across 25 countries. We are now funded to significantly increase our research and development efforts to expand our capability and solutions for customers.”
McCrae retains 98% of his shareholding and still holds 50.3% of the company. Orion Health's shares trade with the code OHE on both the NZX Main Board and ASX. Deustche Craigs and First NZ Capital were Joint Lead Managers for the IPO.