iRhythm Technologies, which provides a device and analysis for detecting cardiac arrhythmias, announced terms for its IPO on Friday.
The San Francisco, CA-based company plans to raise $75 million by offering 5.35 million shares at a price range of $13 to $15. Insiders intend to purchase $15 million worth of shares in the offering. At the midpoint of the proposed range, iRhythm Technologies would command a fully diluted market value of $310 million.
iRhythm Technologies was founded in 2006 and booked $49 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol IRTC. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of October 17, 2016.
