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SI-Bone prices $108M IPO at higher end of price range

SI-Bone Inc. priced its IPO of 7,200,000 common shares at $15 each, the high end of a previously announced range of between $13 and $15.

The Santa Clara, Calif.-based company expects to raise proceeds of up to $108 million.

The medical device company's shares are expected to start trading Oct. 17 on the Nasdaq Global Market under the symbol SIBN.

Underwriters have a 30-day option to buy up to 1,080,000 additional common shares at the IPO price.

SI-Bone previously said it intends to use proceeds primarily to support ongoing commercialization of the iFuse implant system, a minimally invasive surgical option for patients with sacroiliac joint dysfunction, a source of pain in the low back and legs caused by abnormal motion in the sacroiliac joint.

Morgan Stanley and Bank of America Merrill Lynch are acting as joint book-running managers for the IPO, with Canaccord Genuity LLC and JMP Securities LLC as co-managers.