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News, Business

Contact Lens Company set for ASX listing

03/03/2017
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Medical devices and lens maker Visioneering Technologies could be on its way to becoming an Australian publicly listed company after directors agreed to open it for potential investors this year.

International stockbroker Canaccord Genuity has announced it has already begun marketing the company’s initial public offering (IPO), seeking to raise $33.3 million in new equities that could increase the company’s valuation at $88.2 million.

Canaccord aim’s to leverage Visioneering’s two profitable market holdings – the daily disposable contact lenses, under the brand name NaturalVue Multifocal lenses, for adults with age-related vision problems and children with nearsightedness. Industry analysts estimate these markets have annual turnovers of US$3 billion (AU$3.9 b) and US$2 billion (AU$2.6 b) respectively.

The company is hoping to finalise investor commitments before the documentary requirements are submitted to corporate regulators.

The IPO price is currently tagged at 42 cents per share with new investors expected to be provided 37.8% of the company once listed. Canaccord is the primary underwriter and lead manager for Visioneering for the IPO move.

Capital investments could also largely impact the company’s Australian subsidiary VTI Visioneering Technologies, which has started to expand its brand in the region and improve brand recognition. The company filed its trademark registration in October last year to manufacture contact lenses to meet the growing demand for its products in Australia and New Zealand.

The company is based in Georgia, and its largest shareholders include US-based venture capital investors Charter Life Sciences and Memphis Biomed Ventures. Dr Richard Griffin, an optometrist, optical engineer and aerospace engineer who has spent 20 years developing optical solutions, started the business. Visioneering holds nine issued patents with 10 pending for the treatment of presbyopia in the on-eye/in-eye categories.

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