iRhythm Technologies (IRTC) Prices Larger Common Stock IPO at $17/Share, Above Expected Range

October 20, 2016 6:02 AM EDT
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Price: $98.06 -6.42%

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iRhythm Technologies, Inc. (Nasdaq: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, today announced the pricing of its initial public offering of 6,294,118 shares of its common stock at a public offering price of $17.00 per share, before underwriting discounts. In addition, iRhythm has granted the underwriters a 30-day option to purchase up to an additional 944,117 shares of common stock at the same price solely to cover over-allotments, if any. The company's shares are expected to begin trading on NASDAQ on October 20, 2016 under the ticker symbol "IRTC."

(NOTE: The company was recently looking for 5,350,000 shares to price at $13 - $15 per share.)

The offering is expected to close on October 25, 2016, subject to satisfaction of customary closing conditions.

J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. Canaccord Genuity and BTIG are acting as co-managers.

iRhythm is a commercial-stage digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable biosensor devices worn for up to 14 days and cloud-based data analytics with powerful proprietary algorithms that distill data from millions of heartbeats into clinically actionable information. The company believes improvements in arrhythmia detection and characterization have the potential to change clinical management of patients. The company’s platform, the Zio Service, has been provided to over 500,000 patients, accumulating more than 125 million hours of curated heartbeat data within iRhythm’s data repository.

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