Pulmonx, which makes minimally invasive systems to treat severe emphysema, raised the proposed deal size for its upcoming IPO on Wednesday.
The Redwood City, CA-based company now plans to raise $175 million by offering 10 million shares at a price range of $17 to $18. The company had previously filed to offer 6.7 million shares at a range of $14 to $16. At the midpoint of the revised range, Pulmonx will raise 75% more in proceeds than previously anticipated.
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.
