Nashville, June 28 - HemoSense Inc. priced its initial public offering Monday, selling the 3.5 million shares at $5.50 each for proceeds of $19.25 million. The IPO priced below the latest range of $6 to $8 per share, which had been revised four previous times.
The stock closed Tuesday up 2 cents to $5.52.
The IPO was delayed twice from plans to price in the June 13 week; following a series of price revisions. The San Jose, Calif.-based maker of a handheld blood coagulation monitoring systems originally pitched the IPO at $9 to $13. That was revised to $8 to $10, and then to $7 to $9 before the latest guidance of $6 to $8.
Lazard Capital Markets, WR Hambrecht & Co. and Roth Capital Partners are underwriters for the IPO, for 3.5 million shares.
HemoSense plans to use $12 million of proceeds for sales and marketing initiatives to support the ongoing commercialization of products, $4 million for research and development activities and $1.5 million for repayment of promissory notes held by affiliates, working capital and general corporate purposes.
| Issuer: | HemoSense Inc.
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| Issue: | 3.5 million shares
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| Bookrunners: | Lazard Capital Markets, WR Hambrecht & Co. and Roth Capital Partners
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| Net proceeds: | $19.25 million
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| Greenshoe: | 525,000 shares
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| Price: | $5.50 per share
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| Price range: | Revised: $6 to $8, (from $8 to $10, $7 to $9 and original $9 to $13)
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| Pricing date: | June 27
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| Ticker: | HEM
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