Inspire Veterinary Partners, which acquires and operates veterinary hospitals across the US, revised the terms for its upcoming IPO on Wednesday.
The Virginia Beach, VA-based company now plans to raise $31 million by offering 6.2 million shares (76% secondary) at a price range of $4 to $6. The company had most recently filed to offer 5.7 million shares (83% secondary) at the same range. At the midpoint, Inspire Veterinary Partners will raise 9% more in proceeds than previously anticipated.
If the company has a market cap of less than $50 million at pricing, Inspire Veterinary Partners will be excluded from Renaissance Capital's 2023 IPO stats.
Inspire Veterinary owns and operates a network of 13 veterinary hospitals across nine states in the US. The company specializes in small animal general practice hospitals, with an emphasis on cats and dogs, though it has started offering additional services as it has expanded, including mixed animal facilities, critical care, and other specialty services.
Inspire Veterinary Partners was founded in 2020 and booked $13 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol IVP. Titan Partners and Spartan Capital Securities are the joint bookrunners on the deal.
