IPO Fact Sheet: Visioneering Technologies (ASX: VTI)

IPO Fact Sheet: Visioneering Technologies (ASX: VTI)

 

Brought to you by IPO Society and ShareStart

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 Overview                                 

Visioneering Technologies (VTI) is a producer, retailer and distributor of multifocal contact lenses under the ‘NaturalVue’ brand. The lenses are used for vision correction purposes by adults suffering from Presbyopia (blurred near vision), and children experiencing Myopia (short-sightedness).

Continue reading about the company at ShareStart…

 

Offer Details

The company is raising $33.3m as part of its IPO. This includes 79,365,079 CDI’s, each equivalent to one share. CDI’s will be issued at 42c.

Visioneering’s IPO is underwritten by Canaccord Genuity and includes: an institutional component, broker firm offer, and general public offer. The offer opens March 2nd and closes March 16th. VTI is expected to list on the ASX March 27.

 

Investment Highlights

  • NaturalVue lenses address unmet needs of patients. There is no readily available treatment for children suffering Myopia
  • Large target markets in the US (Presbyopia, US$3.4bn; Myopia, US$2bn)
  • FDA regulatory clearance
  • Product validated by customer demand and repeat orders
  • Broad intellectual property protection
  • US$28.1m in funds previously raised by the company to support development and launch
  • Board and management experienced in commercialising medical devices and vision correction products
  • Eyeing international expansion

 

Use of Funds

The company holds $5.7m in cash as at the date of the Prospectus.

VTI intend to use $15.8m of funds raised to expand sales and marketing efforts. In addition, funds will be used for: clinical trials and regulatory costs, manufacturing and distribution capex, public listing costs and working capital, and the costs of the offer.

 

Capital Structure

Upon completion of the offer VTI’s indicative market cap is $83.3m. Existing owners will not be selling their shares, however dilution means new shareholders will account for 40% of the business.

Escrow arrangements will apply to 109,293,678 shares. This represents 55.1% of shares post-offer, or 91.85% pre-offer.

Cap Structure

 

For more information on Visioneering Technologies, click here to visit ShareStart.

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ShareStart profiles ASX listed companies with a simple goal of clearly explaining a company’s activities. ShareStart’s free reports provide clear, unbiased information to help investors understand what they’re investing in.

 

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The information contained on this website in no way reflects the opinions of IPO Society. It is provided for informational services only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. The information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Detailed information may be needed to make an investment decision, for example: financial statements; a business plan; information about ownership of intellectual or industrial property; or expert opinions including valuations or auditors’ reports. The information contained on this website is not intended to be the only information on which an investment decision is made and is not a substitute for a disclosure document, product disclosure statement or any other notice that may be required under the Act, as the Act may apply to the investment.

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IPO Fact Sheet: Visioneering Technologies (ASX: VTI)
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