Penumbra today set the range for its pending initial public offering, saying it plans to float 3.8 million shares at $25 to $28 apiece.
That works out to a range of $95 million to $106.4 million, $100.7 million at the midpoint.
When Alameda, Calif.-based Penumbra registered the IPO last month it estimated the offering could fetch as much as $115 million.
Penumbra makes devices for the peripheral vascular and neurovascular markets. The company reported sales of $125.5 million last year, up 41.3% over 2013. Founded in 2004, Penumbra said it employs about 1,000 workers.
Penumbra launched its 1st device for neurovascular access in 2007 and put the 1st aspiration thrombectomy device on the U.S. market in 2008.
In May, the company won 510(k) clearance from the FDA for its Ace64 aspiration thrombectomy device, which it claims as the largest-lumen aspiration thrombectomy device on the market.
The market for its products in Europe and the U.S. is was about $1.4 billion last year, the company estimated.
“While reliable third-party data is not available for markets outside the United States and Europe, we believe that there is a substantial additional market for our neuro and peripheral vascular products in the rest of the world,” Penumbra said in a regulatory filing.