Crisis breathes life into CleanSpace listing

Woman in hospital using a respirator.

The coronavirus may have brought a number of companies to their knees, but one that is benefitting from the COVID-19 environment is CleanSpace, which now has plans for a listing on the Australian Securities Exchange.

The group is estimated to have a value of about $500m and is planning an initial public offering, likely to happen this year.

CleanSpace describes itself as a specialist in innovative and quality respirator design and manufacturing.

It was established in 2009 by a medical device engineering team with the hope of making respirators safe and reliable and its respirators are now sold in over 20 countries.

Advisers recently pitched for a role on the float of the company, and it is understood that Wilsons and Bell Potter have won the mandates.

The group generates about $40m of revenue annually and is currently making a small profit.

The thinking is that CleanSpace will likely move to become more profitable in the current COVID-19 environment, where respirators are in demand.

CleanSpace is owned by various funds, including the CVC Emerging Companies Fund, and the float comes as some of the groups opt to sell down their interests.

Elsewhere, lung ventilation analysis company 4DMedical is also planning a listing and lodged a prospectus for its IPO on Monday.

The primary raise has been upsized to $50m from $45m due to strong demand, with the total funds raised to be $55.8m, which also includes a small selldown.

The market value of the company at the offer price of 73c per share will be $193.3m.

Working on that deal is Bell Potter and Evans Dixon.

The float comes after a pre-IPO raising was held last year that included well known funds and private investors.

The software company creates lung imaging using X-Ray machines and its market focus is the United States.

The company received clearance from the Food and Drug Administration in the United States during May.