Carlsmed announced today that it launched its initial public offering with the start of an IPO roadshow.
The Carlsbad, California–based company launched the offering of 6.7 million shares of common stock. Underwriters have a 30-day option to purchase up to 1.005 million additional shares of common stock as well. The company expects its IPO price to land between $14 and $16 per share of common stock.
If the company manages to sell all shares in the IPO at the high end of the price range, proceeds could total more than $123 million.
Carlsmed filed its registration statement with the SEC relating to the IPO last month. It seeks to list its common stock on the Nasdaq market under the “CARL” ticker.
BofA Securities, Goldman Sachs & Co. LLC, and Piper Sandler serve as joint lead book-running managers for the proposed offering. Truist Securities and BTIG serve as joint book-runners for the proposed offering.
Carlsmed develops technologies for AI-enabled personalized spine surgery. The spine surgery device maker already holds FDA breakthrough device designation for the Aprevo lumbar and cervical patient-specific interbody fusion devices. Its implantable devices and software platforms hold FDA clearance for lumbar spine fusion. That includes anterior, lateral and transforaminal approaches.
The IPO for Carlsmed follows a recent comeback for the IPO route across the industry.
Wearable defibrillator maker Kestra Medical completed a $202 million IPO in March, while Beta Bionics went public in January with a $204 million IPO. Last year, heart valve company Anteris Technologies and neurotech company CeriBell completed IPOs. Additionally, medtech distribution giant Medline submitted a draft registration to the SEC related to a proposed IPO in December.
