Tactile Systems Technology, which sells at-home compression therapy devices for vascular swelling, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Minneapolis, MN-based company now plans to raise $40 million by offering 4 million shares at a price of $10. Insiders intend to purchase $1 million worth of shares in the offering. The company had previously filed to offer 4 million shares at a range of $14 to $16. At revised proposed price, Tactile Systems Technology will raise -33% less in proceeds than previously anticipated.
Tactile Systems Technology was founded in 1995 and booked $66 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol TCMD. Piper Jaffray, William Blair and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of July 25, 2016.
