Outset Medical, which provides a hemodialysis system for kidney diseases, announced terms for its IPO on Wednesday.
The San Jose, CA-based company plans to raise $175 million by offering 7.6 million shares at a price range of $22 to $24. At the midpoint of the proposed range, Outset Medical would command a fully diluted market value of $1.0 billion.
Outset Medical was founded in 2003 and booked $29 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol OM. BofA Securities, Morgan Stanley, Goldman Sachs, SVB Leerink and Stifel are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
