- Careteq (CTQ) fell flat on its ASX debut today, with shares trading down 25 per cent on the IPO issue price of 20cents – shares traded at 16 cents at the market close
- Through its IPO, Careteq issued 30 million shares, raising $6 million, intending to use the money to fast track its global expansion plans
- Careteq generates revenue from recurring subscriptions from its software-as-a-service platform as well as sales of sensors and devices to assist elderly and disabled people
- CTQ shares rounded off its first day of trading down 20 per cent to 16 cents
Careteq (CTQ) made a lacklustre debut on the ASX today, shares trading down as much as 25 per cent on the IPO issue price of 20 cents.
Share trade closed at 16 cents today.
The health-tech has developed products with a software-based platform to assist elderly and disabled people. There are sensors and devices to detect falls or unusual behaviour, to monitor health, provide medication management and emergency functions.
The company issued 30 million shares through its IPO, raising $6 million — money the company intends to use to fast track its global expansion plans.
Careteq’s CEO Peter Scala said the sector was primed for technological disruption.
“As the cost of providing aged and disability care rises, it is our belief that this will prompt government and non-government funders to increasingly turn to assistive living technology solutions such as ours, to control costs and provide better patient outcomes,” he said.
Careteq executives have decades of industry experience: Mr Scala and Careteq’s Non-Executive Chairman Mark Simari held key positions at a large medical equipment company, Paragon Care (PGC).
CTQ shares rounded off its first day of trading down 20 per cent to 16 cents.