- Workplace respiratory protection equipment provider CleanSpace (CSX) has today listed on the Australian Securities Exchange (ASX) with an initial market capitalisation of $339.7 million
- It follows a $131.4 million Initial Public Offering (IPO) at $4.41 per share
- The company, which supplies products to healthcare and industrial end markets, has experienced a significant increase in demand for its products since the onset of the COVID-19 pandemic
- During this time, CleanSpace has expanded its existing healthcare footprint in North America, Europe and much of Asia to include India and the Middle East
- A second production facility will also begin operating in November which will incrementally increase the company's capacity by $100 million in the medium term
- Shares have been trading 47.4 per cent higher at $6.50
CleanSpace (CSX) has today listed on the Australian Securities Exchange (ASX) with an initial market capitalisation of $339.7 million.
The company supplies respiratory protection equipment to healthcare and industrial end markets.
Today's listing follows a $131.4 million Initial Public Offering (IPO) at $4.41 per share.
CleanSpace Executive Director and CEO Dr Alex Birrell said the company is excited by the listing and thanked new shareholders for their support.
"The additional capital raised through the IPO will be directed towards growth activities, in particular into sales and marketing activities. Our priority is our enterprise customers and ensuring we bring our next generation best practice respiratory protection to their workforce."
"CleanSpace products, with AirSensit technology, offer significant benefits including higher protection, greater user comfort and cost-effectiveness. Our track record of successfully competing in core industrial and healthcare markets positions the business for sustained growth.
"We hope to follow other Australian medical technology companies like ResMed and Nanosonics in expanding Australia’s manufacturing and innovation capabilities," he said.
Since the onset of the COVID-19 pandemic, CleanSpace has experienced an increase in demand for its products from hospitals and other healthcare sectors.
During this time, North America has also become CleanSpace's largest market for the first time since the company entered the market three years ago.
CleanSpace has also expanded its existing healthcare footprint - in North America, Europe and much of Asia - to include India and the Middle East.
The CEO said that the COVID-19 pandemic has heightened awareness of the need for respiratory protection.
"While the media focus has been on hospitals, a recent publication on global infection rates in healthcare workers, reported community care workers were at highest risk."
"This was reflected in Australia, with Victorian Health reporting 50 per cent of healthcare worker infections were in aged care and disability workers. While we mark our listing today, we also remember that COVID-19 has brought profound loss and change to the lives of many people."
"We thank our customers for their patience and support through the pandemic. This has enabled us to prioritise to deliver high protection and peace of mind to thousands of healthcare staff working on the front lines," he added.
A second production facility will also begin operating in November and incrementally increase the company's capacity by $100 million in the medium term to $130 million by the end of the third quarter of the 2021 Financial Year.
Shares have been trading 47.4 per cent higher at $6.50 at 1:30pm AEDT.