AirSculpt Technologies, which provides minimally-invasive body contouring procedures in the US, lowered the proposed deal size for its upcoming IPO on Thursday.
The Miami Beach, FL-based company now plans to raise $81 million by offering 7 million shares (69% insider) at a price range of $11 to $12. The company had previously filed to offer 10 million shares at a range of $15 to $17. At the midpoint of the revised range, AirSculpt Technologies will raise 50% less in proceeds than previously anticipated and command a market value of $886 million.
Operating as Elite Body Sculpture, the company provides custom body contouring using its proprietary AirSculpt method, and performed over 5,800 body contouring procedures in 2020. The company delivers its body contouring procedures through a growing footprint of 16 centers across 13 states as of October 5, 2021.
AirSculpt Technologies was founded in 2012 and booked $102 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AIRS. Morgan Stanley, Piper Sandler, and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.
