Inari Medical (NSDQ:NARI) announced that it upsized its initial public offering of common stock shares for total gross proceeds of approximately $156 million.
Earlier this week, the venous disease treatment developer announced that it launched the roadshow for its initial public offering (IPO) of shares of its common stock, planning to offer 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.
The previously priced offering estimated shares to sell between $14 and $16, but the company upsized the offering to more than 8.2 million shares at a price of $19 per share. Inari also granted underwriters a 30-day option to purchase up to more than 1.2 million additional shares.
Inari Medical said in a news release that it expects to begin trading on the NASDAQ market today and anticipates that the IPO will close on May 27.
BofA Securities and Morgan Stanley are acting as joint lead book-running managers for the 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.