Pacific Edge dual lists on ASX, raises AU$77.5M


  • New Zealand-based Pacific Edge dual listed on the ASX on Monday.
  • The cancer diagnostics company listed as a Foreign Exempt Entity.
  • The company has raised AU$77.5 million via placement offer.
  • Around 59.3 million equity shares were issued at AU$1.31 per share.

New Zealand-based cancer diagnostics company, Pacific Edge (ASX: PEB) officially listed of the Australian Securities Exchange (ASX) on Monday. The company had applied for dual listing as a Foreign Exempt Entity as it is already listed on the New Zealand Stock Exchange (NZX). The listing on the ASX will help the company access a broader pool of specialist international healthcare, institutional and retail investors.

Trading of Pacific Edge’s shares kicked off at 11:00AM (AEST) on the ASX. The stock witnessed lackluster trade and closed flat at AU$1.54 apiece, in line with the health care index which emerged as the worst performer on the sectoral front. The stock opened at AU$1.56 and hit an intraday high and low of AU$1.605 and AU$1.50, respectively. On the volume front, 1.19 million shares worth AU$1.85 million changed hands over the counter.

Meanwhile, the Australian benchmark index, the ASX 200, closed 41.60 points or 0.57% higher at 7,384.20, led by gains in blue chips energy, mining and banking stocks. 

Pacific Edge raises AU$77.5M to boost growth

Pacific Edge raised AU$77.5 million via placements

Image source: Hand Robot, Shutterstoc

Ahead of ASX listing, Pacific Edge has raised NZ$80 million (or AU$77.5 million) via placements to boost growth opportunities. The Dunedin-based cancer diagnostic company received a strong response for its placement offer.

Given the strong demand from existing institutions investors as well as new long term international funds, the company increased the size of the placement from NZ$60 million (AU$58.1 million) to NZ$80 million (AU$77.5 million).

The company issued around 59.3 million equity shares at the price determined in the bookbuild of NZ$1.35 (AU$1.31) per share. The issue price was fixed at a 5.5% discount to the 20-trading day Volume Weighted Average Price (VWAP) of NZ$1.43 on the NZX up to 22 September 2021.

Commenting on the capital raise, Chris Gallaher, Chairman, Pacific Edge said: “We are very pleased with the demand shown for the Placement which we see as a strong endorsement of our strategy and growth plans. We are very pleased with the strong support we received from our long-term institutional investors and are delighted to welcome several high value global growth funds to the register.”

“The funds raised will enable us to accelerate the growing out of our business and realising Pacific Edge’s potential,” Gallaher added.

Capital raising to boost growth opportunities

The company, that develops diagnostic and prognostic tools for cancer, raised equity capital to execute and accelerate its growth strategy in markets of scale.

The majority of the fund will be used to boost growth in its key US market as well as to develop and grow the commercial process in Southeast Asia.

The fund will also be utilised in the detection and management of urothelial cancer and develop new product opportunities.


The ASX has witnessed a rise in dual listing activities in the recent past as foreign entities are going global to increase their customer base. In the case of Pacific Edge, the company will get access to a wider pool of healthcare and other investors, increased liquidity, the opportunity for further analyst coverage and an acceleration in commercial activity.





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