Orion shares climb 14 per cent on debut ORION Health Group has risen 14 per cent on its NZX debut after its initial public offer raised $NZ120 million ($A111.72 million) of new capital to fund research. THE stock first traded at $NZ6.50, up from its $NZ5.70 offer price, valuing the company at $NZ1.04 billion. There was no public pool for the offer which saw 21.1 million new shares issued, while chief executive and founder Ian McCrae sold a further 880,000 shares into the float. Existing shareholders hung onto about 86 per cent of Orion, with Mr McCrae keeping a 50 per cent stake. The healthcare management software developer didn't provide earnings forecast in its prospectus because of the "lumpy" nature of the group's revenues for fear of misleading investors. It posted a loss of $NZ14.8m in the six months ended September 30, 2014 on sales of $NZ80.5m. Telstra Health, a unit of Australia's largest telecommunications business Telstra Corp, spent $NZ20m for a two per cent stake in the book build. Telstra Health was among 20 institutional investors who bought into the company during its initial public offer. Deutsche Craigs and First NZ Capital were joint lead managers in the offer. The company is also listing on the ASX.