Investor interest during Livongo Health Inc.'s IPO road show is apparently hot, prompting the healthcare technology business to boost its price targets by about 13 per cent ahead of Thursday's offering, reports bizjournals.com.
The Mountain View-based company plans to raise up to nearly $320 million in an offering that could value it at about $2.3 billion, more than double its last private valuation of about $805 million in April 2018.
It plans to sell 10.7 million shares to public investors for between $24 and $26, up from a range of between $20 and $23. It has another 1.6 million set aside for underwriters to buy.
Livongo sells smart devices and software that are designed to help manage diabetes, hypertension, behavioral health and other chronic diseases. It integrated its platform with Apple, Fitbit and Samsung smart watches last month.
It has been one of Silicon Valley's fastest growing companies in recent years. Its revenue jumped 122 per cent to $68.4 million in 2018 and its net losses nearly doubled in that time to about $33.4 million, according to documents it filed recently. That compares with just over $2.1 million in revenue in 2015
Livongo's biggest shareholder is General Catalyst, which has offices in Palo Alto and San Francisco, with ownership of about a quarter of the company's pre-IPO stock. Other major shareholders include Kinnevik AG, with a 12 per cent stake; Menlo Park-based Kleiner Perkins (8.9 per cent); Merck & Co. Inc. (7.9 per cent) and 7Wire Ventures.
Livongo boosts price targets on upcoming IPO
FE Team | Published: July 23, 2019 23:14:41
Livongo boosts price targets on upcoming IPO
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