Pulmonx, which makes minimally invasive medical devices for emphysema, announced terms for its IPO on Thursday. The company previously filed to raise $86 million in February 2020 but withdrew the following May after raising $66 million privately.
The Redwood City, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Pulmonx would command a fully diluted market value of $518 million.
Pulmonx's Zephyr Valve, a severe emphysema treatment device, received pre-market approval in 2018 and is now commercially available in more than 25 countries, with over 80,000 valves used to treat more than 20,000 patients through June 30, 2020.
Pulmonx was founded in 1995 and booked $32 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol LUNG. BofA Securities, Morgan Stanley, Stifel, Wells Fargo Securities and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price on Wednesday, September 30, 2020.
