Hong Kong IT services firm Ultra High Point increases shares offered by 70% ahead of $17 million US IPO
IPO Overview
Ultra High Point Holdings, which provides IT services to hospitals in Hong Kong, raised the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong, China-based company now plans to raise $17 million by offering 3.8 million shares （33% secondary） at a price range of $4 to $5. The company had previously filed to offer 2.2 million shares （100% primary） at the same range. At the midpoint of the revised deal size, Ultra High Point Holdings will raise 70% more in proceeds than previously anticipated and command a market cap of $185 million （+3% versus previous terms）。
Ultra High Point provides customized and comprehensive healthcare IT solutions and services to public and private hospitals in Hong Kong. Its range of offerings includes designing and building customized hospital information systems （HIS）； developing customized Internet of Medical Things （IoMT） solutions; integrating customers’ HIS with third-party systems and devices via its proprietary medical integration platform; as well as maintaining and upgrading the healthcare IT solutions it designs, builds, and installs.
Ultra High Point Holdings was founded in 2009 and plans to list on the Nasdaq under the symbol UHP. Bancroft Capital is the sole bookrunner on the deal.
About the Company
Our mission is to offer customized and comprehensive healthcare IT solutions and services to public and private hospitals in Hong Kong, aiming to （i） enhance clinical operations and improve efficiency through workflow standardization; （ii） offer better patient experience; and （iii） improve patient safety through closed-loop management. Our comprehensive range of healthcare IT solutions and services include （i） designing and building customized hospital information systems （HIS）； （ii） developing customized Internet of Medical Things （IoMT） solutions; （iii） integrating customers’ HIS with third-party systems and devices via our proprietary medical integration platform; （iv） maintaining the healthcare IT solutions we design/build/install; and （v） upgrading the healthcare IT solutions we design, build, and install. We are also exploring opportunities to adapt and expand our Hong Kong-developed healthcare IT solutions to overseas markets that are receptive to digital transformations and innovations. Currently, we are in the initial stages of evaluating potential expansion into regions such as Asia-Pacific Economic Cooperation （APEC） countries and the United Arab Emirates （UAE）。 These efforts involve market research, identifying potential distribution channels, and engaging in preliminary discussions with prospective partners. While we are optimistic about these opportunities, we have not yet entered into definitive agreements related to these expansions.