QT Vascular plans to raise $55m in Catalist IPO

MEDICAL device maker QT Vascular is aiming to raise $55 million in what is so far the largest initial public offering on Catalist this year. The offer is by way of placement, with 196.4 million new shares priced at 28 cents apiece, valuing the loss-making company at $211.6 million upon listing.

Offshore contractor Kim Heng Offshore & Marine Holdings raised $43.5 million in January, setting the current year-high.

QT Vascular, which makes balloon catheters in Singapore and California, expects net proceeds of $50.3 million. Of that sum, $30.3 million will be used for general working capital, $15 million for developing products and $5 million for commercial expansion.