Treace Medical Concepts, which makes a medical device system for the treatment of bunions, announced terms for its IPO on Monday.
The Ponte Vedra, FL-based company plans to raise $150 million by offering 9.4 million shares (33% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Treace Medical Concepts would command a fully diluted market value of $935 million.
Treace Medical Concepts is a commercial-stage orthopedic medical device company targeting the surgical treatment of bunions. The company's proprietary Lapiplasty 3D Bunion Correction System is a combination of novel instruments, implants, and surgical methods designed to improve the traditional approaches to bunion surgery. More than 25,000 Lapiplasty Procedures have been performed in the US since 2015, when the Lapiplasty System received 510(k) clearance.
Treace Medical Concepts was founded in 2014 and booked $57 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol TMCI. J.P. Morgan, Morgan Stanley, SVB Leerink and Stifel are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
