Medical device company Obalon Therapeutics sets terms for $75 million IPO

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Obalon Therapeutics, which is developing an intragastric medical device to assist with weight loss, announced terms for its IPO on Monday.

The Carlsbad, CA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, Obalon Therapeutics would command a fully diluted market value of $267 million.

Obalon Therapeutics was founded in 2008 and booked $4 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol OBLN. UBS Investment Bank, Canaccord Genuity and Stifel are the joint bookrunners on the deal. It is expected to price during the week of October 3, 2016.

The article Medical device company Obalon Therapeutics sets terms for $75 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs
Referenced Symbols: OBLN

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