HealthBeacon shares owned by director and former tanaiste Mary Harney will be worth close to €100,000 when the fast-growing medtech firm floats on Euronext Dublin this week.
The listing aims to raise €25 million for expansion, with €10.5 million coming from new shareholder Canaccord Genuity, a Canadian wealth manager.
Venture capital provider Elkstone is increasing its stake by investing €1.7 million. AIB is also expected to invest through its range of equity funds. None of HealthBeacon’s present big backers plans to reduce its shareholdings at the initial public offering (IPO).
The listing is expected to cost the company €2.1 million in fees for advisers including Goodbody Stockbrokers and accountants Grant Thornton. HealthBeacon lost more than €2.5 million before tax on revenues of €550,000 in the first half of 2021.
Founder and chief executive Jim Joyce will have a stake of close to 11 per cent worth €10.5 million after the flotation. He will also be entitled to an IPO bonus of €150,000 to add to his salary of €350,000.
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Finance director Laurence Flavin will get a €100,000 IPO bonus on top of a salary of €275,000. Co-founder and chief technical officer Kieran Daly will own a 2 per cent stake worth €2.2 million after the float. Harney joined last year as HealthBeacon beefed up its board in preparation for the IPO. She got her shares as part of an employee share option plan.
