Inari Medical announced today that it launched the roadshow for its initial public offering (IPO) of shares of its common stock.
The venous disease treatment developer is offering more than 7.3 million shares of common stock with an expected additional 30-day option for underwriters to purchase close to 1.1 million more shares.
Irvine, Calif.-based Inari Medical expects the IPO price to fall between $14 and $16 per share with the stock expected to trade on the Nasdaq Global Market under the ticker “NARI,” according to a news release.
Should the shares sold in the IPO average between $14 and $16, Inari Medical could be looking at bringing in proceeds of approximately $110 million, which could range up to approximately $126.5 million if the underwriters exercise the option to purchase the additional shares.
BofA Securities and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. Wells Fargo Securities and Canaccord Genuity are acting as co-managers.
Inari develops the ClotTriever system for thrombectomy in the peripheral vessels in patients suffering from deep vein thrombosis and the FlowTriever system for treating pulmonary embolism. Both minimally invasive catheter-based devices have FDA 510(k) clearance.
The company warned in its SEC filing for the IPO that the ClotTriever and FlowTriever’s success in a highly competitive market relies on everything from positive clinical trial data to health providers and payers deciding to use and cover the devices. On top of that, the COVID-19 pandemic could adversely affect the early-stage company’s business.