Livongo Health, which provides a unified healthcare platform for chronic illness management, raised the proposed deal size for its upcoming IPO on Monday.
The Mountain View, CA-based company now plans to raise $268 million by offering 10.7 million shares at a price range of $24 to $26. Insider Kinnevik AB intends to purchase $20 million worth of shares in the offering. The company had previously filed to offer 10.7 million shares at a range of $20 to $23. At the midpoint of the revised range, Livongo Health will raise 16% more in proceeds than previously anticipated and would command a fully diluted market value of $2.8 billion.
Livongo Health was founded in 2014 and booked $88 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol LVGO. Morgan Stanley, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.
