Silk Road Medical, which sells medical devices to treat carotid artery disease, raised the proposed deal size for its upcoming IPO on Wednesday.
The Sunnyvale, CA-based company now plans to raise up to $120 million by offering 6.0 million shares at a price range of $19 to $20. The company had previously filed to offer 4.7 million shares at a range of $15 to $17. Insiders still intend to purchase $15 million worth of shares in the offering (13% of the deal). At the high end of the revised range, Silk Road Medical will raise 60% more in proceeds than previously anticipated and command a post-IPO market cap of $675 million.
Backed by Warburg Pincus, Silk Road Medical was founded in 2007 and booked $35 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol SILK. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price on Wednesday, April 3, 2019. It is expected to price during the week of April 1, 2019.
