Credit: Shutterstock photoiRhythm Technologies, which provides a device and analysis for detecting cardiac arrhythmias, announced terms for its IPO on Friday.
The San Francisco, CA-based company plans to raise $75 million by offering 5.35 million shares at a price range of $13 to $15. Insiders intend to purchase $15 million worth of shares in the offering. At the midpoint of the proposed range, iRhythm Technologies would command a fully diluted market value of $310 million.
iRhythm Technologies was founded in 2006 and booked $49 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol IRTC. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of October 17, 2016.
The article Heart monitoring as a service: iRhythm Technologies sets terms for $75 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
