Stocks

SecureKloud’s arm gets Nasdaq nod for listing

Our Bureau Chennai | Updated on October 13, 2021

Healthcare Triangle fixes IPO price at $4 to raise $13 m

Healthcare Triangle, Inc, a step-down subsidiary of SecureKloud Technologies Ltd (earlier 8K Miles Ld) announced the pricing of its initial public offering at Nasdaq of 32,62,500 shares of common stock at a public offering price of $4 per share, for aggregate gross proceeds of approximately $13 million, prior to deducting underwriting discounts, commissions, and offering expenses.

The company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 4,89,375 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about October 15, subject to satisfaction of customary closing conditions, says a Nasdaq press release.

A press release issued by SecureKloud said that Healthcare Triangle, launched in 2019 with headquarters in Pleasanton, California, provides solutions in the areas of cloud services, data science, and professional and managed services for the healthcare and Life Sciences industry.

For potential acquisitions

Through this IPO, HCTI is raising up to a total $15 million including an over-allotment of $2 million. The IPO proceeds will be utilised for potential acquisitions, working capital, research and development, and general corporate investments.

The company’s growth strategies reflect the mission, to be the pioneer for massive, measurable, data-informed healthcare improvement. The healthcare cloud industry is worth a total addressable market of $300 billion. “HCTI listing in Nasdaq is a proud moment for us and we believe this is a once-in-a-lifetime opportunity for a company of this size and nature. Our goal is to become among the top 10 Healthcare IT companies in North America and we believe this will unlock significant value over the next few years.” Suresh Venkatachari, Chairman & CEO, SecureKloud and HCTI, said in the release.

SecureKloud is a Global IT Business Transformation, Secure Cloud Solutions and Managed Services Provider company based in the US and a publicly traded company listed on NSE and BSE. On the BSE, the stock price of SecureKloud closed at ₹216.45, down by 1.32 per cent.

Published on October 13, 2021

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