- Audeara (AUA) has finished its first full day of trading on the ASX, after carrying out a successful $7 million initial public offering (IPO)
- The oversubscribed IPO helped the health technology company list with a $21 million market cap, under the ticker code AUA
- It plans to use the funds to expand its audio products and clinics across Australia and eventually the U.S.
- The company has developed unique headphones which allow sound to be tailored to a user’s hearing profile
- After its first full day of trading, shares in AUA closed Tuesday’s trading session at 17 cents
- Shares are trading down 2.94 per cent at 16.5 cents
Audeara (AUA) has finished its first full trading on the ASX, after carrying out a successful $7 million initial public offering (IPO).
The oversubscribed IPO saw shares offered at 20 cents each, helping the health technology company list with an initial market cap of $21 million.
The business began trading on the stock exchange on Tuesday, under the ticker code of AUA.
Audeara has already flagged that it plans to use the funds to increase the penetration of its audio products and clinics across Australia.
The company has developed unique headphones which allow sound to be tailored to a user’s hearing profile.
Commenting on the IPO and listing, CEO and Founder, Dr James Fielding, has thanked the board and investors for their support.
“In 2015, Dr Chris Jeffrey, Alex Afflick and I founded the company to offer superior sound performance and promote the importance of hearing health for our customers,” he began.
“With funding now secured, Audeara is free to continue to evolve our technology platform, expand our relationships with audiologists in Australia and deliver
new products to the market,” he said.
“While Australia is our immediate focus, we have embarked on an international
growth plan by hiring our U.S. Sales Manager to leverage off our distribution agreement with Westone, which has access to over 16,000 audiologist clinics in the U.S.,” he added.
After its first full day of trading, shares in AUA closed Tuesday’s trading session at 17 cents.
The shares were trading down 2.94 per cent at 16.5 cents at 10:54 am AEST.