Avadim Health, which develops and sells topical products for immune, muscular, and skin health, announced terms for its IPO on Friday.
The Asheville, NC-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Avadim Health would command a fully diluted market value of $366 million.
Avadim Health was founded in 2007 and booked $44 million in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol AHI. Raymond James, SunTrust Robinson Humphrey, and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2020.
