Jun 18, 2023

Share Silicon Valley-based healthcare data management business Enlitic is understood to be preparing for a run at the ASX boards, after scoring investment from Regal Funds Management and Alex Waislitz’s Thorney companies in past capital raising rounds. Enlitic aims to streamline data workflows for radiologists and other medical professionals. Street Talk understands Enlitic’s bosses have met with Barrenjoey, Shaw and Partners, MST Financial, Bell Potter, Canaccord Genuity and Morgans to select a broker line-up for its initial public offering. It’s early days, but Enlitic is expected to raise about $40 million for a $300 million-odd market capitalisation. MST Financial is understood to be well-placed to get a gig, given the broker’s well-regarded health/technology analysts Lafitani Sotiriou and Andrew Goodsall. At least one other broker is expected to be appointed. The nine-year-old business’s choice of Australia as its listing destination may stem from its founder Jeremy Howard’s Australian background, as well as its chairman Michael Sistenich’s experience locally. Sistenich is a partner at Sydney boutique advisory firm Aurenda Partners and previously worked at Bell Potter. Better outcomes Advertisement Enlitic uses artificial intelligence to build data management applications for radiologists, PACS administrators, hospital executives and researchers. The goal is to lower costs, reduce errors and improve the quality of interpretation of medical imaging data in healthcare enterprises. As an example, its Curie|ENDEX product seeks to eliminate repetitive tasks and speed up reporting times for radiologists. Prospective listed equities investors are expected to be told Enlitic is gaining traction among major healthcare providers in the United States. ASX-listed medical imaging business Capitol Health was one of Enlitic’s first Australian backers , investing $10 million in 2015 to help create a radiology service with the ability to map the entire human body. Regal and Thorney joined Enlitic’s register four years later – in 2019 – as a part of the healthcare data business’s $US25 million series B-1 raise, and are expected to double down as part of the slated sharemarket float. Since then, Enlitic has raised a Series C round which Capitol Health did not participate in. The Series C raise included preferred shares, associated bonus shares and warrants, and resulted in Capitol’s stake being diluted and subordinated in the capital structure, according to Capitol Health’s filings. Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter . Email Emma at emma.rapaport@afr.com Save