Company raises £2.1m at 18p a share.
MediLink-Global UK has been listed on the Alternative Investment Market (AIM) after it raised £2.1m before expenses at a placing price of 18p a share.
The company, which offers electronic ‘healthcard’ network services to insurers and third-party administrators, claims it is now valued at £18.6m.
A report published by Deloitte last week said the three months to September 2008 had been the quietest quarter for new companies joining the market in more than four years.
But Jack Brandt, chairman and technical adviser for MediLink, said it listed on AIM to help build credibility. “The majority of our clients are from Europe and they feel much more comfortable contracting with us when we are a ‘real company’.
“They have an expectation that we are not just a couple of guys working in Kuala Lumpur. They are contracting us to help them manage the very essence of their business so it is important that we are substantive,” he said.
MediLink raised capital for its listing from high net worth individuals; 90% from Asia and 10% from London.
It said the net proceeds of the placing would be used to provide working capital to fund the expansion of its healthcard network into China and other new territories.
Brandt admitted MediLink had no plans to do business in the UK, but added: “We have an obligation to our investors and clients to get ourselves up in China and regionally in South East Asia. But if someone from the health department in the UK approached us, we would listen to them.”