Inspire Medical Systems, which sells an implanted device for treating obstructive sleep apnea, raised the proposed deal size for its upcoming IPO on Wednesday.
The Maple Grove, MN-based company now plans to raise $101 million by offering 6.75 million shares at a price range of $14 to $16, up from 5.0 million shares at the same range. Insiders still intend to purchase $15 million worth of shares in the offering (15%). At the midpoint of the range, Inspire Medical will raise 35% more in proceeds than previously anticipated.
Inspire Medical Systems was founded in 2007 and booked $29 million in sales for the 12 months ended December 31, 2017. It plans to list on the NYSE under the symbol INSP. BofA Merrill Lynch and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of April 30, 2018.
