Dimming the lights: Invuity lowers proposed offer price to $12

Invuity, which sells illumination devices used in minimally invasive and minimal access surgeries, lowered the proposed offer price for its upcoming IPO on Thursday.

The San Francisco, CA-based company now plans to raise $48 million by offering 4 million shares at a price of $12. The company had previously filed at a range of $14 to $16. At the revised proposed offer price, Invuity will raise 20% fewer proceeds than previously anticipated.

Invuity, which was founded in 2004 and booked $15 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol IVTY. Piper Jaffray, Leerink Partners and Stifel are the joint bookrunners on the deal. It is expected to price tonight, June 11, 2015.