Sol-Gel Technologies, which is developing topical acne creams that deliver treatment via microcapsules, announced terms for its IPO on Tuesday.
The Ness Ziona, Israel-based company plans to raise $60 million by offering 5 million shares at a price range of $11 to $13. Insiders intend to purchase $25 million worth of shares in the offering (42% of deal size). At the midpoint of the proposed range, Sol-Gel Technologies would command a fully diluted market value of $209 million.
Sol-Gel Technologies was founded in 1997 and plans to list on the Nasdaq under the symbol SLGL. Jefferies and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of January 29, 2018.
