Invuity closes $47.8m IPO

Invuity (NSDQ:IVTY) said it closed its initial public offering, raising approximately $47.8 million by offering 4.6 million shares at $12 per share.

Leerink Partners, Piper Jaffray and Stifel were book-runners for the offering, with William Blair acting as co-manager, the company said.

The IPO’s underwriters exercised a 600,000-share over-allotment, the San Francisco, Calif.-based surgical illumination device company said.  Invuity’s stock is listed under the IVTY symbol on the NASDAQ exchange, and began trading on June 15.

When the offering was filed in April, Invuity said it hoped to raise $69 million, estimating the market potential for its products at $2 billion. In June, the company lowered the price range to $14 to $16, which at the midpoint would have raised $60 million. Invuity raised a $36 million Series E round in March 2014.

Of the proceeds, $28 million is slated for expanding Invuity’s sales & marketing; the company said it plans to use another $8 million  to expand its R&D program.

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