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Medical device-maker InMode prices US IPO at low end of range

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Medical device-maker InMode prices US IPO at low end of range

Israel's InMode Ltd. priced its IPO of 5 million ordinary shares at $14 each, the low end of a previously disclosed price range.

The offering is expected to generate gross proceeds of about $70 million.

Underwriters of the IPO were granted an option to buy up to an additional 750,000 ordinary shares.

The medical device company's common shares will trade on the Nasdaq Global Select Market under the symbol INMD beginning Aug. 8.

InMode, formerly known as Invasix, develops energy-based, minimally invasive surgical aesthetic and medical treatment platforms for face and body contouring, medical aesthetics and women's health.

Completion of the IPO is expected to occur Aug. 12, subject to customary closing conditions.

InMode previously said it plans to use net proceeds to hire additional sales and marketing personnel, expand global sales and marketing programs and fund research and development activities and potential acquisitions.

Barclays Capital Inc. and UBS Investment Bank are acting as the representatives of the underwriters and joint book-running managers in the offering, with Canaccord Genuity LLC as lead manager and Robert W. Baird & Co. Inc. as co-manager.