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Medical device company Tandem Diabetes Care sets terms for $100 million IPO

By: Renaissance Capital
Posted: 11/4/2013 7:37:00 AM
Referenced Stocks: TNDM

Tandem Diabetes Care, which develops and sells medical devices for insulin-dependent diabetics, announced terms for its IPO on Monday. The San Diego, CA-based company plans to raise $100 million by offering 7.1 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Tandem Diabetes Care would command a fully diluted market value of $329 million.

Tandem Diabetes Care, which was founded in 2006 and booked $21 million in sales for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol TNDM. Tandem Diabetes Care initially filed confidentially on August 12, 2013. BofA Merrill Lynch and Piper Jaffray are the joint bookrunners on the deal.