The home monitoring solution listed yesterday to raise $5.5 million at 20 cents a share and climb to a 95% premium before falling back to be nearly 50% ahead.
With over 500 shareholders bidding, the $5.5 million target was quickly eclipsed with books closed after bids reached $6.2 million.
InteliCare uses sensors to gather information and monitor movements around the home, alerting carers or family members if behaviours are out of sync. The package comes with a monthly subscription for accessing the app, which can be funded under a client’s Home Care Package (HCP) or NDIS plan.
The listing followed an announcement by the company that its core application, InteliLiving, was now available on Microsoft’s Azure marketplace and it had also scored a major public sector order with Western Australia’s Department of Communities Justice Services for a $50,000 order as the first step of a two-stage implementation.
CEO Jason Waller told Stockhead he expects the technology to be taken up not only in aged care, but also by a growing Baby Boomer population looking to stay at home.
“Aged care is a broad definition. There are 250,000 in residential aged care but around five times that many receiving home care packages – 1.2 million. Then there are three to four times that number of people who don’t get anything.”
“That same bubble of people is moving from retirement ageing and we need to think about how we need to look after them.”