More than half a year since fronting investors for a pre-IPO fundraising round, the sports technology outfit is back for its initial public offering.

The company had Shaw and Partners in its corner for the float, which would see it raise up to $10 million in fresh equity at 20¢ a share, according to its prospectus lodged with the corporate regulator.

A raising of that size implied a $31.3 million fully diluted market capitalisation.

Money raised in the IPO would go towards research and development, sales and marketing, and for working capital, the prospectus said.

The company sells “smart mouthguards” with sensors that collect data from a players mouth to feed back to training and medical staff, to help them rehabilitate players after concussion related injuries.

Founded in 2016, HitIQ signed its first commercial partnership with the AFL earlier this year, which would see its mouthguards used by players this season. The agreement would cover both the AFL and AFLW from 2022.

The company generated $145,470 revenue in the 12 months to December 31, and posted a $1.3 million after tax loss, according to the prospectus.

HitIQ was targeting a listing on the ASX in early June.

Article source: AFR, 23 April 2021