An IPO of 30 million shares at $1 each was several times oversubscribed. The majority of funds raised will go towards this first round of acquisitions.
The IPO was fully underwritten by Shaw and Partners Corporate Finance and Wilson HTM Corporate Finance, and the company is now in good stead to list on the ASX on August 11 under the ticket NVL.
The 16 acquired clinics will become part of the NVC community immediately, while the remaining 19 practices in the initial portfolio will settle over the coming weeks.
NVC CEO Tomas Steenackers, formerly of Greencross (ASX: GXL), has told Brisbane Business News the company was formed out of the desire to reduce the administration associated with running a vet practice to ensure better outcomes on the clinical front.
'Like pet owners, veterinarians are pet peoplethey want to spend as much time as possible caring for their patients," says Steenackers.
"NVC reduces the paperwork burden associated with running a vet practice, and the vets can do what they do best: provide excellent medical care and advice."
NVC is closing in on the $2.6 billion veterinary services sector in Australia, which is for the most part a monopoly, by providing a point of difference through administration, training and a vet advisory board that is separate from the executive team.
"There is no conflict of interest then because other executives, like myself, will be coming from a pure management background. If I have a good deal with a pathology company, for instance, I can then run it by vets first to see if it's a good idea by clinical standards."
Branding is also notably different from competitors, only distinguishable from a sticker at the front of the practice.
"Many of our vets have been business owners for 50 years, so we find it a bit outrageous to come in and tell them to change their style. It worked for a reason."
NVC intends to continue to expand through organic growth and further acquisitions.
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