Neuronetics, which sells a medical system that uses magnetic stimulation to relieve depression, announced terms for its IPO on Friday.
The Malvern, PA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Neuronetics would command a fully diluted market value of $279 million and an enterprise value of $221 million.
Neuronetics was founded in 2003 and booked $43 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol STIM. Piper Jaffray and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 25, 2018.
