The medical device company
Itamar
+ 7.84%
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opening:270.8
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low:270.1
change:2,277,841
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Medical raised $ 69 million over the weekend, of which about $ 44.8 million in an initial public offering on NASDAQ in the United States and another $ 25 million as a secondary sale of the Viola Fund. As part of this, ADS offered American investors a price of $ 22.75, a 4.4% discount to the base price of the stock on the day of the offer ($ 23.8).
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In total, the company offered 3,049,130 U.S. certificates of deposit. As part of the offering, it sold 1,968,466 certificates, and the Viola Fund sold 1,080,664 additional certificates. Also, underwriters were given by the company and the fund an option for 30 days to purchase an additional 457,369 certificates. In addition, underwriters were given by the company and the Green Shoe Fund for 30 days for the additional purchase of certificates amounting to 15% of the issue volume.
According to the company, the proceeds from the raising will be used mainly to implement a purchase plan in favor of accelerating growth, which is expected to reach a range of 43% to 46% (excluding one-time Kaiser sales) in the fourth quarter of 2020, compared to the corresponding quarter in 2019. In the SPRY Health deal earlier this year.
Itamar does not hide from investors that one of its goals is to increase its market value. If this is not done by increasing the value of the stock, it will do so by increasing the amount of securities traded. The company defines this as expanding its “base of quality American institutional investors and substantially increasing the number of ADSs available for trading in the United States. The company updates that the above two goals have been achieved. The company’s market capitalization today stands at $ 330 million.
One way or another, this is a warning sign to future investors that any future increase in value may end in another IPO and dilution. American investors are not aware of this yet, this when the stock price in the US
Itamar (US)
+ 4.83%
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opening:24.27
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Jumped about 5% on Friday.
The fundraiser was led by a syndicate of three American banks: Piper Sendler – Cowen – SVB Leerink and the IPO to Israeli institutions was led by Sable Investments.
Itamar Medical develops non-invasive devices that help diagnose and treat sleep-disordered breathing. To improve its products, it recently acquired the technology and assets of the American medical company Spry Health, which is developing an FDA-approved system for remote medical monitoring.
Itamar CEO Gilad Glick
While the development of Itamar, a device called WatchPAT that is worn on the patient’s finger and allows for a nocturnal diagnosis, Spy’s technology will bring with it the possibility to monitor the cumulative and long-term effect of sleep apnea and extract insights from it.
Itamar estimates that the deal will help them bring to the market as early as 2022 a continuous monitoring device for sleep apnea (RPM) – an area that is expected to roll in $ 2 billion by 2027. These are high ambitions that may charge associated costs that will probably come at the expense of investors. So perhaps the latest IPO has been successful following the momentum, but it will not be able to last for long, certainly not until 2027.
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