Thorne Healthtech, which offers a suite of personalized dietary supplements, raised $70 million by offering 7 million shares at $10, the low end of the downwardly revised range of $10 to $11. The company originally planned to offer 9 million shares at a range of $13 to $15, before revising the terms on Wednesday.
Thorne Healthtech states that it is a science-driven wellness company pioneering innovative solutions and personalized approaches to health and well-being. Its vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. During the past decade, the company has evolved to become a transformative consumer brand, with a base of more than 3 million customers. Thorne employs a go-to-market strategy, combining a direct-to-consumer (DTC) and subscription model with an ecosystem of health professionals. It provides customers with direct access through its mobile, web, and Amazon channels, as well as through a network of more than 42,000 health professionals.
Thorne Healthtech plans to list on the Nasdaq under the symbol THRN. BofA Securities, Cowen, Evercore ISI, and RBC Capital Markets acted as joint bookrunners on the deal.
