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Induction Healthcare PLC to become AIM's third float this year

Over 40% of NHS doctors are already registered for the hospital information app

Doctors
Quick, find out if he's already had his appendix out

Induction Healthcare PLC is to be only the third company to IPO on AIM in 2019 when it joins the junior market later this month.

The business has developed an app that gives doctors and other healthcare professionals quick access to hospital records and medical information.

Already, the group has 71,500 registered users, which includes over 40% of NHS doctors and 13% of all NHS staff.

Ibraheem Mahmood, chief executive, said the aim of the float is for funds to expand into new geographies “eventually creating a unified app for healthcare for working efficiently in a hospital environment".

Mahmood has already had one business hit with DrugDev – a clinical trial process tool used now by nearly all of the world’s top pharmaceutical companies.

Shares will be issued at 115p with a total of £16.6mln gross being raised for Induction through a placing and subscription.

At the placing price, Induction will have a market value of £34.1mln with almost £8mln of the funds being raised earmarked to provide a war chest for potential acquisitions.

Numis is the broker to the float, with shares set to begin trading on 22 May.

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