Silk Road Medical sets downsized range for IPO

Silk Road Medical yesterday set the range on its forthcoming initial public offering, which would fetch $75 million at the midpoint.

The Sunnyvale, Calif.-based company’s Enroute transcarotid stent and neuroprotection system is designed to treat carotid artery blockages before they cause a stroke. When it registered the IPO earlier this month, Silk Road said it could fetch as much as $86 million. But yesterday the company said it plans to float nearly 4.7 million shares at $15 to $17 apiece, for gross proceeds of $70.5 million to $79.9 million.

Silk Road has said it plans to use the cash to expand its sales force and operations, increase R&D including new clinical trials, expand internationally and possibly acquire new ventures or technologies.

The company plans to list under the “SILK” symbol on the NASDAQ exchange.

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