HealthBeacon IPO raises €25m with Dublin listing

15 Dec 2021

Laurence Flavin, Jim Joyce, Mary Harney and Kieran Daly at the HealthBeacon bell-ringing ceremony. Image: Orla Murray/Coalesce

The digital therapeutics company is the first business from Euronext’s pre-IPO programme to list on the Dublin growth market.

Irish medtech HealthBeacon went public on Euronext’s growth market in Dublin, raising a total of €25m.

The admission and issue price of HealthBeacon shares was set at €5.85 per share, and market capitalisation was €98.35m on the day of listing.

HealthBeacon is a Dublin-based digital therapeutics company that was founded in 2013 by CEO Jim Joyce and CTO Kieran Daly. Last year, it appointed former Tánaiste Mary Harney to its board of directors.

The company has developed a Smart Sharps Bin and companion app, creating an injection care management system that aims to help patients manage injectable medications, adhere to treatment schedules and safely dispose of used sharps.

Its IPO follows a successful few months, with a multimillion-dollar deal in June leading to plans to triple its team and a funding round at the end of September that raised €6m.

The medtech is the first alumnus of Euronext’s pre-IPO programme, IPOready, to list on the Dublin growth market.

Euronext is a pan-European market infrastructure, connecting European economies to global capital markets. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal.

IPOready was launched by Euronext Dublin in 2015 to give companies a comprehensive understanding of how to raise strategic finance.

HealthBeacon CEO Joyce said joining Euronext’s growth market is an “important milestone” for the company.

“The support from investors through this listing is transformative for the business, enabling us to scale to meet potential demand as we aim to become the world’s leading digital therapeutics platform for injectable medications,” he said.

“We are excited for our next phase of growth as a public company, backed by the potential of our target market and the proven ability for our product to meaningfully increase medical adherence for patients in a safe and sustainable way.”

On the back of its IPO, the company is expecting to grow its user base 10-fold by 2023 and plans to use the proceeds from the placing to scale its team, invest in inventory and product roll-out, and further develop its platform.

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Jenny Darmody is the deputy editor of Silicon Republic

editorial@siliconrepublic.com