QT Vascular launches IPO at 28 cents each for Catalist listing

QT Vascular has launched its initial public offering (IPO) for a Catalist listing with an offer of 196.4 million shares at 28 cents each.

However, the investing public will not be able their hands on them the offering is by way of placement only.

The net proceeds from the IPO, estimated at $50.3 million, are earmarked for the following:

* $5 million for commercial expansion, which includes marketing activities, expenses incurred in entering into further supplier and distributorship agreements;

* $15 million for the development of new products and product enhancements; and

* $30.3 million for general working capital purposes.

QT Vascular and its subsidiaries design, assemble and distribute advanced therapeutic solutions for the minimally invasive treatment of complex vascular diseases.

The group collaborates with industry specialists and physicians who are key opinion leaders to develop and offer physicians and patients new and differentiated devices to improve outcomes in complex peripheral and coronary interventions.

It operates two assembly facilities, one in Singapore and one in Pleasanton, California.

All products are developed, assembled and tested under the umbrella of the US Food and Drug Administration Quality System Requirements and the European regulations to ensure that the products meet standards and regulatory requirements.

One of its products includes the Chocolate® PTA Balloon Catheter, the first Singaporean interventional medical product to receive US FDA clearance.

This device is currently approved for sale in Singapore, United States, the European Union, Vietnam and Turkey.

Chocolate PTA is an angioplasty balloon that is currently approved for the treatment of peripheral artery disease.

Trading in the shares will commence on April 29.