NovoCure, which markets a wearable electric field device for treating glioblastoma brain cancer, slashed its range and removed insider selling ahead of its upcoming IPO on Thursday.
The St Helier, Jersey-based company now plans to raise $176 million by offering 7.5 million shares at a price range of $23 to $24. The company had previously filed to offer 12.5 million shares (5 million insider) at a range of $26 to $29. At the midpoint of the revised range, the IPO will raise 49% less in proceeds than previously anticipated.
NovoCure, which was founded in 2000 and booked $20 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol NVCR. J.P. Morgan, Deutsche Bank and Evercore Partners are the joint bookrunners on the deal. It is expected to price this week.
