Inari Medical, which makes minimally invasive medical devices for venous diseases, raised the proposed range for its upcoming IPO on Thursday.
The Irvine, CA-based company now plans to raise $128 million by offering 7.3 million shares at a price range of $17 to $18. The company had previously filed to offer 7.3 million shares at a range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the revised range, Inari Medical would command a fully diluted market cap of $929 million (+17% vs. original midpoint).
Inari Medical was founded in 2011 and booked $71 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol NARI. BofA Securities and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of May 18, 2020.
