Penumbra, which markets surgical access devices for neuro and peripheral vascular conditions and diseases, announced terms for its IPO on Tuesday. The Alameda, CA-based company plans to raise $101 million by offering 3.8 million shares at a price range of $25 to $28. At the midpoint of the proposed range, Penumbra would command a fully diluted market value of $847 million.
Penumbra, which was founded in 2004 and booked $149 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol PEN. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2015.
