Medical device company Penumbra sets terms for $101 million IPO

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Penumbra, which markets surgical access devices for neuro and peripheral vascular conditions and diseases, announced terms for its IPO on Tuesday. The Alameda, CA-based company plans to raise $101 million by offering 3.8 million shares at a price range of $25 to $28. At the midpoint of the proposed range, Penumbra would command a fully diluted market value of $847 million.

Penumbra, which was founded in 2004 and booked $149 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol PEN. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2015.

The article Medical device company Penumbra sets terms for $101 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: PEN

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