Healthcare Triangle, which provides data science and AI-enabled healthcare information solutions, lowered the proposed deal size for its upcoming IPO on Thursday.
The Pleasanton, CA-based company now plans to raise $21 million by offering 4.6 million shares (72% primary) at a price range of $4 to $5. The company had most recently filed to offer 9.2 million shares (87% primary) at a range of $4.50 to $5.50, after increasing the share offering from 8 million shares (100% primary) in September. At the midpoint of the revised range, Healthcare Triangle will raise -55% less in proceeds than previously anticipated.
Healthcare Triangle offers a suite of software and services that allow healthcare and pharmaceutical organizations deliver personalized healthcare, precision medicine, advances in drug discover, and collaborative research and development. The company offers its proprietary software platforms, CloudEz and DataEz, as well other healthcare IT services primarily to life sciences, biotech, healthcare providers, and payers.
Healthcare Triangle was founded in 2019 and booked $34 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol HCTI. EF Hutton is the sole bookrunner on the deal.
