A trio of medtech companies set terms for their upcoming public offerings today, announcing plans to raise a collective $297 million.
Evolent Health, EndoChoice and Corindus Vascular Robotics (OTC:CVRS) all set terms today for a pair of initial public offerings and an uplisting (Corindus is looking to move from the OTC exchange to the New York Stock Exchange).
Arlington, Va.-based Evolent said it plans to offer 10 million shares at $14 to $16 apiece, for a midpoint of $150 million. Founded in 2011, Evolent plans to list on the NYSE under the "EVH" symbol. The value-based healthcare company’s platform is designed to help healthcare providers migrate from fee-for-service reimbursement to "payment models that reward high-quality and cost-effective care," or value-based models.
EndoChoice said it plans to float 6.25 million shares at $15 to $17 each, for a midpoint raise of $100 million. The Alpharetta, Ga.-based, which makes the Fuse full-spectrum endoscope, plans to trade on the NYSE under the "GI" symbol.
Corindus said it plans to put out 11 million shares, which would fetch $47 million at their $4.25 close May 22. CVRS shares were trading at $4.15 per share in late-afternoon trading today, down 2.4%. Waltham, Mass.- based Corindus makes the CorPath 200 robot-assisted surgery platform, which won 510(k) clearance from the FDA in 2012 for percutaneous coronary interventions.