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Healthia launches $26.8 million IPO to fund podiatry and physiotherapy acquisitions

Podiatry is a branch of medicine devoted to the treatment of the foot and ankle.
Podiatry treatment
Healthia is expected to start trading on the ASX on September 11, 2018

Healthia Ltd (ASX:HLA) is seeking to consolidate two highly fragmented health sectors, physiotherapy and podiatry, to meet the growing demand for these services from an ageing and increasingly health-conscious population.

The company, which already owns and operates podiatry clinics and an orthotics laboratory, has opened a $26.8 million initial public offer (IPO) to list on the ASX.

Healthia intends to use the IPO proceeds to fund the acquisition of additional podiatry, physiotherapy and hand therapy businesses.

Aiming to introduce podiatry services into physiotherapy clinics

Following completion of the acquisitions, the group will operate 72 podiatry clinics, 23 physiotherapy clinics, seven hand therapy clinics and the orthotics laboratory iOrthotics.

Healthia also intends to introduce podiatry services into physiotherapy clinics where these services do not already exist.

According to IBISWorld industry data, the Australian podiatry sector generated a revenue of $900 million in 2017 and the physiotherapy sector $1.7 billion.

Healthia chairman Dr Glen Richards, who is also co-founder of the Greencross veterinary and pet care group, and a judge on Channel Ten’s Shark Tank program, said Healthia can become a leading allied health provider.

Indicative market capitalisation of about $63 million

Healthia is offering about 26.8 million ordinary shares at $1 per share. The IPO is fully underwritten by Canaccord Genuity.

The company’s indicative market capitalisation upon listing on the ASX is about $63 million.

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