Technology

Careteq plummets on first day of trading

Mon 10 Jan 22, 2:36pm (AEST)
Careteq has created its Sofihub platform to assist the elderly

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Key Points

  • Careteq down 25% two hours out from the close
  • Funds raised will aid Careteq’s growth and cross-selling opps
  • Careteq is partnering with the SiTa Foundation in the US

Having opened at $0.165, assistive living technology company Careteq (ASX: CTQ) was trading at $0.150 two hours out from the end of its first trading day on the ASX.

Assuming there’s no kicker before the close, the ASX debutant is looking to end the session -25% down on the company’s issue price of $0.20.

A creator/provider of software-as-a-service-based solutions to assist the elderly, Careteq has created its Sofihub platform.

The company issued 30 million shares (at 20 cents each) as part of the IPO to raise $6m and had listed with a market capitalisation of $24.7m.

Cross-selling & global expansion

Funds raised will aid Careteq’s growth and cross-selling opportunities, plus the development of new products, features, and applications.

By partnering with the SiTa Foundation in the US - to develop a safety device to be used against domestic violence - the company also plans to expand globally.

Careteq’s CEO Peter Scala notes the global aged and disability care sector is primed for a technological disruption due to a dire need for productivity improvements.

“As the cost of providing aged and disability care rises, it is our belief that this will prompt government and non-government funders to increasingly turn to assistive living technology solutions, such as ours, to control costs and provide better patient outcomes.”

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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