Healthcare AI firm Enlitic has kicked off its initial public offering (IPO) bid collection following an investor roadshow, targeting a listing on the ASX by early December.
Term sheets distributed to potential investors indicated that the company aims to secure between $20 million and $35 million during its IPO bookbuild.
This fundraising effort would establish Enlitic's market capitalisation in the range of $121.1 million to $136.1 million.
Uses AI
Enlitic utilises artificial intelligence to offer data management solutions primarily in the medical imaging sector.
The nine-year-old company serves radiologists, PACS administrators, hospital executives, and researchers.
According to shared financials, Enlitic anticipates US$645,000 in revenue for the 2023 fiscal year.
However, it boasts a US$96.7 million pipeline across 118 opportunities.
Enlitic's journey
The firm began its commercial journey in September 2021, securing a contract with TMC, Europe's largest teleradiology reporting provider.
It has since added seven more clients in 2023, diversifying its revenue streams.
Notably, about half of its revenue is subscription-based.
Enlitic has outlined a US$3.7 billion market opportunity across hospitals and private radiology sectors, and plans to use the IPO funds primarily for research and development, and sales and marketing.
MST Capital Markets is the lead manager for the IPO, and the firm is set to close the books by midday this Friday.