Potentially joining these shares on the ASX boards in the near future is COVID-testing kit company, Ellume.
Is Ellume going to launch an IPO soon?
According to the AFR, Ellume has been doing the groundwork for a potential listing in the near future.
The Queensland-based biotech has tasked stockbrokers Morgans and Ord Minnett to raise $85 million in a pre-IPO funding round. Sources have suggested that this will give Ellume a valuation in the range of $600 million to $800 million.
The report states that a spokesperson has confirmed that these pre-IPO funds would be used for working capital, sales and marketing, new product development, and capital expansion.
What does Ellume do?
Ellume is a biotechnology company that develops, manufactures, and commercialises the next generation of digital diagnostic products for healthcare professionals and consumers. Its focus is the accurate diagnosis of common infectious diseases.
The company came onto investor radars earlier this year after it signed a massive US$231 million contract with the US government to supply COVID-19 testing kits. This agreement was signed after its testing kit became the first non-prescription over-the-counter self-test authorised by the U.S. Food and Drug Administration.
The big question on investors’ lips if it does IPO will be how sustainable its current revenues are. When COVID-19 testing finally slows down, investors will be wanting assurance that Ellume’s revenues won’t dry up.
What are your other options?
Time will tell whether Ellume goes ahead with an IPO in the future. But in the meantime, if you’re wanting to gain exposure to COVID-19 testing, then you can do this through a number of ASX shares.