Minerva Surgical, which makes minimally invasive devices to treat abnormal uterine bleeding, announced terms for its IPO on Friday.
The Santa Clara, CA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Minerva Surgical would command a fully diluted market value of $473 million.
Minerva is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions for uterine healthcare. The company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of abnormal uterine bleeding (AUB) in most uterine anatomies. Minerva markets and sells its products through a direct sales force in the US, and its target customer base includes approximately 19,000 OB/GYNs practicing in hospital, ASCs, and physician offices.
Minerva Surgical was founded in 2008 and booked $52 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol UTRS. J.P. Morgan, Piper Sandler, UBS Investment Bank, and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
