London Stock Exchange welcomes Induction Healthcare Group PLC to AIM
London Stock Exchange today welcomes Induction Healthcare Group PLC (“Induction”), marking the successful admission of its shares to trading on the AIM market of London Stock Exchange.
Induction is a leading healthcare technology company focused on helping healthcare professionals to streamline the delivery of patient care. The Company has developed a secure and impact focused app which provides healthcare professionals with the tools for getting quick access to essential hospital information, such as guidelines and extension numbers, as well as enabling direct and time-saving communication between them.
The app had over 76,200 registered users at the end of February 2019, growing by more than 42% over the preceding six months. These users were based primarily in the UK, where the app holds a strong market position with 44% of NHS doctors (excluding GPs) and 13% of all NHS healthcare professionals using it.
Induction has successfully raised £16.6 million, including a pre-IPO fundraise of £2 million, valuing it at approximately £34.1 million. The additional funding will enable the Company to accelerate its growth strategy, with most of the funds raised for making acquisitions across a number of modules and geographies, aiming to eventually create a unified app for healthcare for working efficiently in a hospital environment.
Ibraheem (Ibs) Mahmood, CEO at Induction said:
"The admission of our shares to AIM is an important milestone for us as we embark on the next stage of Induction’s growth strategy. We were pleased with the strong support from our new and existing shareholders. The proceeds raised will enable us to accelerate our growth plans through adding and acquiring new features and functionality to the service we provide and expanding into selective new geographies.
"We are optimistic and confident that we have the right strategy in place to deliver on the many growth opportunities we have identified and look forward to working with all our stakeholders and healthcare professionals to meet the anticipated demand."
Key advisers on the Placing and Admission included Numis Securities as nominated adviser and broker, Pinsent Masons as legal adviser and FTI Consulting as financial public relations adviser.