The maker of the Tablo hemodialysis system raised$277.9 million before deducting underwriting discounts and commissions and offering expenses. The nearly 10.3 million OM shares sold at an initial offering price of $27 per share but quickly doubled in value.
As of the close of trading today, OM shares were selling for $58.02 apiece.
CEO Leslie Trigg told the Silicon Valley Business Journal that she had no regrets over speculation that the IPO’s pricing may have left money on the table. “We want everybody in the shareholder base to win and feel really good about this. I think that was achieved.”
The Tablo hemodialysis system is an all-in-one dialysis machine able to handle water purification and dialysate production. It can be used in a variety of different settings — a growing demand as the Trump administration pushes to move dialysis out of clinics and into home settings.
“Our fundamental mission is to make a profound and permanent change to the field of dialysis by using technology to lower cost for providers, and elevate the patient experience from ‘good enough’ to great,” Trigg said in a statement shared with MassDevice.
“Tablo is a technology aimed at delivering convenience, flexibility and control. For patients, we believe that can translate into enabling them to fit dialysis into their lives vs. fitting their lives around dialysis. For providers, those benefits help drive high-quality outcomes at a lower cost.”
Correction: A previous version of this story incorrectly listed the amount raised from the IPO. It was $277.9 million.