Medical technology firm Ceretas, a spin-out from the University of Queensland, is poised for an early listing on the local bourse following overwhelming demand for its initial public offering. The company, which develops portable ultrasound devices designed to treat brain conditions such as Alzheimer’s disease, has successfully sold 32 million shares at 25 cents each, raising approximately $8 million. This capital raise is expected to establish Ceretas with a market capitalisation of about $18 million upon its debut.
The proceeds from the offering are earmarked for critical product development and advancing its clinical trials. Western Australian firms Caravel Securities and Taurus Capital jointly managed the IPO, guiding it to a successful close. Ryan Laws, an executive director at Caravel and a co-founder of Ceretas, noted on Monday that most pre-IPO investors, including the Clem Jones Group – a long-time supporter of the underlying University of Queensland research – topped up their investments, reflecting strong confidence in the company’s prospects.
While the official ASX listing date was initially slated for July 28, Ceretas is actively seeking an accelerated debut, potentially as early as the “back end of next week.” Laws highlighted the exceptional investor interest, stating, “We didn’t do a roadshow as we were bombarded by so much interest… it was a good problem to have.” Ceretas also shares a common heritage and talent pool with other successful UQ spin-outs, EM Vision and ResApp. EM Vision chairman John Keep also chairs the Ceretas board, while Ceretas executive director Tony Keating is a co-founder and former chief executive of ResApp, which was acquired by pharmaceutical giant Pfizer in 2022.
