Depression device maker Brainsway sets terms for $30 million US IPO
Brainsway, which sells medical devices that use magnetic stimulation to treat depression and OCD, announced terms for its IPO on Wednesday.
The Jerusalem, Israel-based company plans to raise $30 million by offering 2.5 million ADSs at a price of $11.94, the as-converted last close of its shares listed on the TASE ($5.97), at two shares per ADS. At $11.94, Brainsway would command a fully diluted market value of $129 million.
Brainsway was founded in 2003 and booked $16 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol BWAY. Cantor Fitzgerald, Raymond James and Oppenheimer & Co. are the joint bookrunners on the deal.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.