Carlsmed, which provides custom equipment and AI-enabled software for personalized spine fusion surgery, announced terms for its IPO on Tuesday.
The Carlsbad, CA-based company plans to raise $101 million by offering 6.7 million shares at a price range of $14 to $16. Insiders intend to purchase $31 million worth of shares in the offering (31% of the deal). At the midpoint of the proposed range, Carlsmed would command a fully diluted market value of $430 million.
Carlsmed is focused on becoming the standard of care for spine fusion surgery. Its aprevo Technology Platform consists of AI-enabled software solutions, interbody implants custom designed for each patient's unique pathology and vertebral bone topography, and single-use surgical instruments. The company currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and it is further developing the Platform for use in cervical spine fusion surgeries, which it expects to commercialize in 2026.
Carlsmed was founded in 2018 and booked $32 million in sales for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol CARL. BofA Securities, Goldman Sachs, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 21, 2025.
