Advanced Surgical Design & Manufacture Limited (AMT), developer of prosthetic implants and medical devices, made its debut on Wednesday at a 6% discount to its issue price of 60 cents.
Shares in New South Wales-based AMT opened at 63 cents before slipping back to close at 56 cents.
919,000 shares changed hands during intraday trading.
Its principal product, Active Knee, is a primary total knee replacement prosthesis. It has positive patient success and a clinical history extending over 15 years.
In its prospectus the company said it proposes to apply the proceeds from the IPO to fund the manufacture of 20 instrument sets and associated stock for Australia and overseas – $0.8 million mainly while the rest will be used to pay the cost of the offer and any funds in excess of the minimum capital raising will be used for cash reserves and for strategic acquisitions up to $0.9 millions.
