Singular Health (ASX:SHG) shares arrive on the ASX

Singular Health Group Ltd (ASX: SHG) shares are set to float on the ASX today, following a heavily oversubscribed capital raising.

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Singular Health Group Ltd (ASX: SHG) is set to float on the ASX today, following a heavily oversubscribed capital raising.

Singular Health officially lists on the ASX

Singular Health shares will be officially listed on the ASX today after the company completed a successful initial public offering (IPO).

The IPO, which offered up to 30 million shares to investors at 20 cents per share was heavily oversubscribed. As a result, Singular Health managed to raise around $6 million upon entering official quotation.

It is understood that five institutional investors participated in the capital raising, along with sophisticated and retail investors.

The successful public offering also gives Singular Health a market capitalisation of around $20 million.

According to the company's prospectus, the capital raise will provide Singular Health with financial flexibility for research, development and future growth opportunities.

What does Singular Health do?

Singular Health is an Australian based medical imaging company that operates in the 3D medical imaging and printing industry.

The company develops proprietary software and technology which is designed to improve the collection of medical data to inform better health decisions.

Singular Health generates revenue through two primary streams. Firstly, through the upfront revenue from the sale of hardware and secondly through recurring monthly and annual subscription fees.

The company's Volumetric Rendering Platform technology creates a 3D image viewed in virtual reality using a series of 2D medical images. This technology is used in five of Singular Health's software products which, according to the company, gives it a competitive edge.

Singular Health advises that its technology can be used across a range of medical applications. These include orthodontics, maxillo-facial surgery, oncology, general surgery and orthopaedics.

MedVR is the company's flagship product which is listed on the Australian Register of Therapeutic Goods.

According to Singular Health, MedVR software is currently used by medical practitioners, students, hospitals and universities in various countries including Hong Kong, Singapore, South Africa and Switzerland. 

Foolish takeaway

At the time of writing, Singular Health shares are poised to open the trading day at their IPO price of 20 cents per share. Shares in the company are expected to begin trading on the ASX at 11am AESDT. 

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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