OSU's kidney dialysis technology provider has added about $36m to close its initial public offering, its shares having more than doubled in price.
Outset Medical, the US-based dialysis technology producer advacing research from Oregon State University, closed its initial public offering at approximately $278m yesterday.
The company floated on Wednesday, issuing 8.95 million shares on the Nasdaq Global Select Market at $27 each to raise an initial $242m. The shares, already priced above the IPO’s $22 to $24 range, closed at $58.02 yesterday.
Joint lead book-running managers BofA Securities, Morgan Stanley and Goldman Sachs, and co-managers SVB Leerink and Stifel have taken up the option to buy more than 1.34 million more shares, and Outset is now valued at approximately $2.47bn.
Outset has developed a haemodialysis system that can perform dialysis using only tap water and an electrical outlet. It is putting the proceeds from the offering into upgrading its sales and customer support along with its research and development activities.
The company’s largest shareholder, private equity firm Warburg…
