Private equity-backed Australian fertility services provider Virtus Health has reportedly raised AUD$338m ($333m) via an IPO.
The company sold shares at a price of A$5.68 per share, said Bloomberg, citing two sources with knowledge of the matter.
The IPO raised more than initially expected by Vitrus as private equity backed Quadrant sold its entire 43 per cent stake, said the sources.
It initially expected the float to net up to A$291.5m and that Quadrant would retain a ten per cent interest in the company.
Virtus’ fertility clinics in Australia accounted for 35 per cent of the IVF treatment cycles performed last year in Australia, the report said.
The company is expected to post an EBITDA of $60m this year compared with just overn A$50m in 2012.
Vitrus will start trading on the Australian Securities Exchange on June 14 and use the funds to reduce its debt.
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