Pulmonx to raise $490 million via IPO

Pulmonx Corp. LUNG, set terms for its initial public offering, in which the California-based medical technology company that provides treatment for emphysema looks to raise up to $106.7 million. The company is offering 6.67 million shares in the IPO, which is expected to price between $14 and $16 a share.

With 30.72 shares outstanding after the IPO, the pricing values the company at up to $491.5 million. The stock is expected to list on the Nasdaq under the ticker symbol “LUNG.”

The lead underwriters are BofA Securities and Morgan Stanley. For the six months ended June 30, the company recorded a net loss of $19.1 million on revenue of $12.3 million, after a loss of $11.7 million on revenue of $13.1 million in the same period a year ago.

Pulmonx is looking to go public at a time that the Renaissance IPO ETF IPO, -1.38% has rallied 22.9% over the past three months, while the S&P 500 SPX, +1.00% has gained 7.0%.

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