Shockwave Medical this week set terms for its initial public offering, looking to bring in approximately $75 million, according to an SEC filing.
The Santa Clara, Calif.-based company said that it plans to float approximately 5 million shares of its common stock at a price between $14 and $16, according to the filing.
The IPO will also include an underwriter’s option to purchase an additional 750,000 shares of stock at the same price, which could bring in an additional $11.3 million for the company. The company could bring in as much as $92 million with a fully-exercised underwriter’s option if shares are offered at the top-end of the range, according to the filing.
Shockwave Medical said that certain existing investors will receive options to purchase up to an aggregate of approximately $10.5 million in common stock in a concurrent private placement at the same price as the IPO, according to an SEC filing.
The company is looking to list its common stock on the Nasdaq Global Market under the symbol “SWAV,” according to the filing.
Net proceeds from the offering are slated to support ongoing commercialization of the company’s Intravascular Lithotripsy, or IVL, devices. Funds will also be used to expand the company’s sales force, medical affairs teams and educational efforts, as well as for possible strategic transactions and for general corporate purposes.
Shockwave Medical has not yet set a date for the offering.
Last month, Shockwave Medical said that it launched a U.S. pivotal trial for its coronary lithotripsy device, which is designed to prepare heavily calcified coronary lesions for stenting.