Digital health business Reset Health is mulling a potential listing on London’s stock market as it looks to pounce on the boom in demand for weight-loss jabs.
The London-based company has reportedly hired bankers and is working with stockbroker Shore Capital as it explores a float on the junior Alternative Investment Market (AIM).
It is understood to be seeking to raise £15m from an IPO that could value Reset Health at as much as £60m.
Reset was founded in 2019 and manages a care delivery platform called Roczen, which connects clinicians with obesity, overweight and type 2 diabetes patients.
The service, used by around 500,000 people, allows clinicians to help patients with personalised diet and exercise plans alongside their weight-loss injections, which Reset is also able to prescribe.
The firm works with NHS trusts, private healthcare providers and clients including Network Rail and Transport for London.
Reset is seeking to capitalise on the surge in demand for weight-loss and diabetes medicines like Wegovy and Ozempic, which suppress appetite and extend the amount of time food stays in the stomach.
The jabs have been hailed as “miracle” drugs despite concerns over their side effects and potential misuse for regular dieting.
News of Reset’s IPO ambitions, first reported by The Times, will come as a boost to the London Stock Exchange amid hope that it is primed for a listings comeback after a torrid 2023.
Last year saw just 23 firms float on the bourse, with confidence dented by volatility from higher interest rates and the war in Ukraine.
However, the City has cheered on green shoots this year, including Raspberry Pi’s listing earlier this month, which saw it achieve a £542m valuation. Reset’s consideration of an IPO comes after US woundcare specialist Aoti also joined AIM last week with a £140m valuation.
A spokesperson for Reset commented: “Reset Health confirms that it is considering an IPO on Aim as one of a number of potential funding alternatives to support the company’s ambitious growth strategy.”