Qpro Holdings Ltd., which will be renamed PKS Holdings Ltd., is looking to raise about A$19.5 million in its IPO.
The Surry Hills, New South Wales-based healthcare technology company is offering 80,650,000 new shares at 20 Australian cents each to the public, plus 16,850,000 new shares at the same issue price to individual investors.
The company will also offer 4,450,000 new options and 6 million performance rights to its directors, management and employees.
Qpro Holdings expects the proceeds from the public and invitation offerings to reach about A$16.1 million and about A$3.4 million, respectively. The company has the right to accept oversubscriptions of up to A$2 million.
Proceeds raised from the offerings will be used to fund Qpro's acquisition of DPP Holdings Pty. Ltd. for A$15.5 million in cash. DPP Holdings is the holding company for healthcare technology Pacific Knowledge Systems Pty. Ltd.
A portion of the proceeds will be used to pay for costs and expenses associated with the offerings and for working capital.
The company said its shares will trade on the Australian Securities Exchange beginning June 6.
Bell Potter Securities Ltd., with Shaw and Partners Ltd., are acting as joint lead managers in the offerings. Automic Legal Pty. Ltd. is acting as the legal adviser.