Dec 5 (Reuters) – Australian-listed shares of Saluda Medical dropped nearly 45% on Friday in its debut on the Australian Securities Exchange after raising A$231 million ($152.67 million) in its initial public offering.
Saluda, a U.S.-based medical device company developing neuromodulation treatments for chronic neurological conditions, sold 87.1 million new CHESS Depositary Interests at A$2.65, valuing the company at about A$775 million at listing.
The stock lost almost half of its value as it fell to A$1.48 in the first few minutes of trading.
Founded in Sydney in 2010, Saluda has developed the FDA-approved Evoke spinal cord stimulation (SCS) system, a closed-loop platform that measures and adapts therapy using neural biomarkers in real time.
Saluda’s debut comes on the heels of GemLife Communities Group’s A$750 million IPO in early July, the biggest 2025 listing in Australia, which surpassed the country’s second-largest airline Virgin Australia’s A$685 million offering in late June.
($1 = 1.5131 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)
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