Virtus Health Pty, an Australian provider of fertility services that sold shares in an initial public offering last month, rose 8.5 percent when its stock began trading on the Australian Securities Exchange.
Shares in Virtus rose to A$6.16 at 12:20 p.m. in Sydney, up from the A$5.68 price that investors paid for the stock. The company, which was part-owned by buyout firm Quadrant Private Equity Pty Ltd., raised A$338 million ($318 million) in Australia’s largest initial public offering this year, two people with knowledge of the matter said May 16.
The company’s 33 fertility clinics in Victoria, Queensland and New South Wales provided 35 percent of the IVF treatment cycles performed last year in Australia, according to a presentation obtained by Bloomberg News last month.
With Virtus included, Australia’s IPO market has raised the most money since 2007, data compiled by Bloomberg show. Virtus’s IPO is the country’s largest since Shopping Centres Australasia Property Group (SCP), spun off from Australia’s largest retailer Woolworths Ltd. (WOW), raised $483 million in October, the data show.
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