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Summary
- Dialogue Health Technologies Inc (TSX:CARE) marked its stock market debut on the Toronto Stock Exchange (TSX) on Tuesday, March 30.
- After rising about 31 per cent to hit a high of C$ 15.74, the stock finally closed the day with a 19 per cent jump at C$ 14.26.
- Chief Executive Officer Cherif Habib, who co-founded the company in 2016, said that its public market debut has been in the making for the last five years.
Dialogue Health Technologies Inc (TSX:CARE) marked its stock market debut on the Toronto Stock Exchange (TSX) on Tuesday, March 30. After rising about 31 per cent to hit a high of C$ 15.74, the stock finally closed the day with a 19 per cent jump at C$ 14.26.
Let’s take a closer look at Dialogue Health’s IPO details to gauge its performance.
Dialogue Health Technologies Inc (TSX:CARE)
A Canadian telemedicine company based in Montreal, Dialogue Health Technologies offered about 8.34 million shares in its initial public offering (IPO) at a price of C$ 12 apiece to raise gross proceeds of about C$ 100 million.
The IPO was overseen by a host of financial firms such as the National Bank Financial, RBC Capital Markets, Scotiabank, TD Securities, etc.
©Kalkine Group 2020
Chief Executive Officer Cherif Habib, who co-founded the company in 2016, said that its public market debut has been in the making for the last five years. While cherishing the successful debut, he also added that it was only “one day in a long journey”.
But reports pointed that Dialogue Health has been one of those few companies that received a boost amid the COVID-19 pandemic. As a telehealth app that helps users book doctor appointments online, it was a service that enjoyed a spike in demand during the lockdown periods.
Riding this high demand, Dialogue Health added about 250 new staff during the pandemic when most companies were laying off people, bringing its total number of employees to 750.
Around July 2020, Toronto-based financial services provider Sun Life Financial Inc became an investor in Dialogue Health. The deal between the two companies saw an equity invested of around C$ 32.7 million, with Sun Life getting the option to expand its share in the company later.
Dialogue has also expanded its acquisition portfolio over the years, having bought medical care firm Optima Global Health, AI-supported triage tool DXA and German company ARGUMED Consulting Group.
©Kalkine Group 2021
As for its clients, Dialogue Health’s prospectus pointed that it has enterprises like Lightspeed POS, Samsung, Ubisoft, Sephora, Sobeys, etc. as its customers.
Now a member of the stock markets, CEO Habib said that Dialogue Health will now turn its attention to mergers, acquisitions and expansion.
With the pandemic still around and many regions still observing lockdowns, the demand of online services, especially those of healthcare, may not be dying down any time soon. Even in a post-pandemic scenario, the general popularity of technology that helps us access the outside world from our couches is likely to stay. So, investors looking to explore such tech options could research Dialogue Health further.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
