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Case study: Managing the HealthBeacon IPO

Written by David Kearney, Head of Corporate Broking, and Stephen Kane, Director of Corporate Finance

01 March 2022

Last year, Goodbody acted as Sole Global Co-ordinator, Bookrunner, Corporate Broker and Euronext Growth Advisor on the IPO of HealthBeacon, raising €25m and giving the company a market capitalisation at IPO of €100m.

Founded in 2013, HealthBeacon is an Irish digital therapeutics company that develops products for managing injectable medications for patients in the home.


Earlier this month, we caught up with David Kearney, Head of Corporate Broking, and Stephen Kane, Director of Corporate Finance, to discuss how they managed the HealthBeacon IPO.


How did you form a relationship with HealthBeacon?

Goodbody has tracked the HealthBeacon story for a number of years and had an existing relationship with the management team.

From your appointment, how long did it take until IPO? And can you tell us a bit about that journey?

The IPO process began in earnest in May 2021 and the IPO itself occurred in December. The journey started with developing the investment case with the management team. We held our first ‘early look’ investor meetings in early July – and more followed in August.

During the summer months significant diligence and accounting workstreams were progressed as well as drafting of the Information Document. In October, we held further meetings with investors.

In addition, we undertook pre-deal investor education, and the management roadshow and bookbuilding got underway. This culminated in HealthBeacon’s admission to Euronext Growth Dublin, with its first day of trading on 15 December.

How and where did you target investors?

As with all IPOs, early investor engagement is critical – and so, we started meeting investors in July and met investors a number of times throughout the process. This resulted in the successful oversubscription of the largest Euronext Dublin IPO in 2021.

There was strong interest across various geographies, with investors from the US, Europe and the UK. There was significant demand from sophisticated growth investors who could see the impressive progress the company had achieved in the last 12 months and the future growth potential.

Why was the HealthBeacon IPO attractive to investors?

HealthBeacon is at a pivotal stage of its development – its mission is to become the world’s leading digital therapeutics platform for injectable medications, and it is expecting approximately 10x increase in the number of patients in the near term.

The IPO helps accelerate its ambitious growth strategy and will enable the business to scale to meet potential demand.

What is your outlook for other listings?

Notwithstanding the uncertain Covid-19 environment, 2021 was an exceptional year for raising capital on the markets. As we look to the months ahead, the IPO window remains open for high quality companies looking to finance their growth agendas.  

The core of our business is connecting companies with capital and we’ve a superb track record, having raised over €18bn for companies and their shareholders in the last five years. 

We provide financial and strategic advice, transaction structuring and help position the story to maximise the quality of demand and outcome, with a global equities distribution platform to reach the widest institutional investor audience.

 

This Q&A was originally published in the Corporate Advisory Newsletter, Q1 2022 on 8 February 2022.

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