Stockbroker Canaccord Genuity has started marketing one of the year's first initial public offering candidates.
It is understood United States-based medical device company Visioneering Technologies Inc has been in front of local fund managers this week, as it goes about trying to raise $33.3 million fresh equity for a deal valuing the company at $88.2 million.
Visioneering designs, makes, sells and distributes its NaturalVue Multifocal daily disposable contact lenses, which are targeted at adults with age-related loss of near vision and children with nearsightedness.
The pitch to potential investors - made with the help of stockbroker Canaccord Genuity - is about servicing those two large markets, which it says are worth at least $US3.4 billion and $US2 billion a year respectively.
It is understood Visioneering is seeking commitments from cornerstone backers before lodging a prospectus with the corporate regulator next week.
The IPO is priced at 42¢ per security with Visioneering offering CHESS Depository Interests. New investors would account for 37.8 per cent of the company, once listed.
Visioneering's biggest shareholders including US-based venture capital investors Charter Life Sciences and Memphis Biomed Ventures.
If successful, Visioneering would list on the ASX with an $88.2 million market capitalisation in March.
Canaccord is lead manager and underwriter.
