The Joint, which franchises 225 cash-based chiropractic clinics in the US, lowered the proposed deal size for its upcoming IPO on Friday. The Scottsdale, AZ-based company now plans to raise $20 million by offering 3.0 million shares at a price range of $6 to $7. The company had originally filed to raise $30 million at a range of $9 to $11. At the midpoint of the revised range, its deal size and market value are 35% less than previously anticipated.
The Joint, which was founded in 2010 and booked $6 million in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol JYNT. Roth Capital and Feltl and Company are the joint bookrunners on the deal. It is expected to price during the week of November 10, 2014.
The article A back adjustment: The Joint slashes range 35% ahead of IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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