US concern Spacelabs Healthcare will see its shares start trading on AIM this Monday following a £15.3 million fundraising at 125p.

That gives the company, which has grown via a series of six acquisitions, a starting value of £84.8 million. Prior to the flotation, Spacelabs was a wholly owned subsidiary of Nasdaq-listed OSI Systems, a leading provider of homeland security products. Many of the world’s leading airports use the group’s x-ray scanning machines at check-in.

However, OSI chief executive Deepak Chopra says ‘this meant analysts in the US were ignoring the healthcare side of the business’. Chopra will take on the role of chief executive of Spacelabs as well and the company will be chaired by Sir John Banham, a former director general of the CBI who recently retired as chairman of Whitbread.

Under Chopra’s leadership, Spacelabs’ annual revenues have grown from $11 million to $200 million in two and a half years. The group focuses on patient monitoring, either in acute or non-acute situations. 60 per cent of sales are made in the US, with the rest from around the world. This February Spacelabs bought UK anaesthesia systems specialist Blease.

‘I anticipate organic growth of between ten and 12 per cent from our existing businesses,’ comments Chopra, with hospitals keen to cut costs by introducing these technologies. He is also keen to make ‘complimentary’ acquisitions. ‘The flotation on AIM gives us cash and a currency to pursue these plans. We also have a $20 million facility.’

Collins Stewart, who sponsored the flotation, was keen to increase the amount of shares placed to 35 per cent of the enlarged share capital. However, last week’s volatile markets meant OSI Systems’ original plan to reduce its stake by 20 per cent was maintained.