Pulmonx Sets IPO at 6.67M Shares; Pricing at $14-$16

Pulmonx Corp. on Thursday said it expects to sell 6.67 million shares at between $14 and $16 each in its initial public offering.

At the $15 midpoint of that range, the Redwood City, Calif., medical-technology company said it expects net proceeds of about $88 million, or roughly $102 million if the underwriters exercise an option to buy an additional one million shares.

Pulmonx, which provides a minimally invasive treatment for patients with severe emphysema, said it will use the proceeds to hire additional sales and marketing personnel and to fund product development and research-and-development activities.

Boston Scientific Corp. currently owns a 30.1% stake in Pulmonx, which has applied to list its shares on the Nasdaq Global Select Market under the symbol LUNG.

In a filing with the U.S. Securities and Exchange Commission, Pulmonx said it would have about 31.7 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $476 million at the $15-a-share midpoint. 

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