MCI Onehealth Technologies files $30M IPO on TSX

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By Ted Liu

MCI Onehealth Technologies Inc. has filed a preliminary prospectus in connection with a proposed initial public offering of Class A Subordinate Voting Shares.

The terms of the offering have yet to be determined. MCI Onehealth expects to raise $30 million through the issuance of common shares at a price between $5.00 and $6.75 per share.

MCI Onehealth has applied to list its shares on the Toronto Stock Exchange (TSX).

MCI is one of the largest primary care clinic groups in Canada providing healthcare and healthcare related services to patients and the employees of corporate customers through its network of 25 brick and mortar clinics (20 in Ontario and 5 in Alberta), complemented by telehealth, MCI Connect virtual platform rolling out, as well as on-site services for its corporate customers.

Upon completion of the pre-IPO closing capital re-organization, MCI will have 40,000,000 Class A Subordinate Voting Shares and 36,000,000 Class B Multiple Voting Shares.

MCI was founded by Dr. George Christodoulou, Dr. Sven Grail, Dr. Alex Dobranowsk. Dr. Christodoulou and Dr. Grail, co-Chairs of MCI, are two largest shareholders.

MIC currently employs 340 clinical and non-clinical support personnels, 280 physicians and 40 technology professionals.

For the nine months period ended September 30, 2020, MCI reported $27.59 million in revenues, $10.01 million in gross profit, and $1.22 million in net income.

photo credit: MCI