Micro-cap G Medical Innovations prices $15 million US IPO at $5, the low end of the range

G Medical Innovations Holdings, which provides app-connected medical devices for monitoring vital signs, raised $15 million by offering 3.0 million units at $5, the low end of the range of $5 to $7. At pricing, the Rehovot, Israel-based company commands a market cap of about $67 million (13.7x LTM sales). Each unit consists of one ordinary share and one warrant exercisable at $6.25.

Because the company is offering units with warrants attached, G Medical Innovations will be excluded from Renaissance Capital's 2021 IPO stats.

G Medical Innovations Holdings plans to list its common shares on the Nasdaq Capital Market under the symbol GMVD. EF Hutton acted as sole bookrunner on the deal.