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Healthia podiatry and physiotherapy company debuts on ASX today at 11.00am

Published: 09:05 11 Sep 2018 AEST

market concept for IPO
At the $1 listing price, the company trades on 13.2x pro forma FY19 NPATA

Healthia Ltd (ASX:HLA) will commence trading this morning at 11.00am after raising $26.8 million through the offer of shares priced at $1.00 in an initial public offering (IPO).

The company aims to consolidate two highly fragmented health sectors in physiotherapy and podiatry under the main brands My FootDr and Allsports Physiotherapy.

Proceeds from the IPO will be used to fund the acquisition of additional podiatry, physiotherapy and hand therapy businesses.

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

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 intends to leverage itself to this sector and deliver pro forma FY19 EBITDA of $9.0 million and pro forma FY19 NPATA of $4.8 million.

Dr Glen Richards at the helm

Healthia’s chairman is Dr Glenn Richards, known for his involvement in a number of successful IPOs on the ASX as well as being a regular on the Australian television series Shark Tank.

Richards is a veterinary surgeon and founder and former CEO of Greencross Ltd (ASX:GXL), Australia’s largest pet care company.

He spent 10 years building a multi-million dollar integrated pet care empire, which now operates more than 130 veterinary hospitals and 200 pet care retail stores in Australia and Animates in New Zealand.

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