Looking to add at least $5.5 million to its coffers, Electromed Inc. (NSDQ:ELMD) priced its initial public offering at $4 per share.
The New Prague, Minn.-based firm will issue 1.7 million shares, according to a regulatory filing, and will net about $5.5 million if they’re all bought.
If underwriter Feltl & Co. Inc. buy a 255,000-share over-allotment, Electromed will net $6.4 million, according to the filing.
Electromed makes the SmartVest airway clearance system, which uses high-frequency chest wall oscillation to help clear the lungs of mucus and other secretions.
The IPO is expected to close August 18. Electromed shares will trade under the ELMD symbol on the NASDAQ exchange.