Intersect ENT, which sells absorbable nasal implants for post-surgical sinusitis relief, announced terms for its IPO on Monday. The Menlo Park, CA-based company plans to raise $60 million by offering 5.0 million shares at a price range of $11 to $13. At the midpoint of the proposed range, it would command a fully diluted market value of $291 million. The company lists Medtronic (MDT) among its primary investors and potential competitors.
Intersect ENT, which was founded in 2003 and booked $23 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol XENT. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of July 21, 2014.
