Medical Transcription Billing slashes IPO price in half; now plans to raise $20 million

Medical Transcription Billing, which provides a SaaS platform for ambulatory care facilities, cut the proposed price and increased the number of shares offered for its upcoming IPO on Monday. The Somerset, NJ-based company now plans to raise $20 million by offering 4.1 million shares at $5 per share. The company had previously filed to offer 3.0 million shares at a range of $9 to $11. At the midpoint of the revised range, Medical Transcription Billing will raise 32% less in proceeds than previously anticipated.

Medical Transcription Billing, which was founded in 2001 and booked $11 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol MTBC. Chardan Capital Markets, Aegis Capital and Summer Street Research Partners are the joint bookrunners on the deal. It is expected to price July 14, 2014.