Venture capital-backed Tandem Diabetes Care raises USD120 million in IPO
Tandem Diabetes Care Inc. said it had raised USD120 million in its initial public offering. The medical device company would be selling 8 million shares of common stock priced at USD15 apiece.
Additionally, it has granted the underwriters a 30 -day option to purchase up to an additional 1.2 million shares at the same offering price, Tandem Diabetes Care said in a statement.
Investment banks Bank of America Merrill Lynch and Piper Jaffray will be acting as joint lead underwriters for the listing. Deutsche Bank Securities and Stifel will be serving as co-managers.
According to CrunchBase, Tandem Diabetes Care was incorporated in 2008 and is based in San Diego, California. The company focuses on insulin infusion therapy. It had raised a funding total of USD88.7 million.
Tandem Diabetes Care is backed by venture capital firms including Delphi Ventures, Domain Associates, TPG Biotechnology Partners, HLM Venture Partners and Kearny Venture Partners, PeHUb said.
The shares are expected to begin trading today at the NASDAQ Global Market.