Sight Sciences, which provides medical and surgical devices for underserved eye diseases, raised the proposed deal size for its upcoming IPO on Wednesday.
The Menlo Park, CA-based company now plans to raise $235 million by offering 10 million shares at a price range of $23 to $24. The company had previously filed to offer 7 million shares at a range of $20 to $23. At the midpoint of the revised range, Sight Sciences will raise 57% more in proceeds than previously anticipated.
Sight Sciences currently markets two products: the OMNI Surgical System and the TearCare System. The OMNI Surgical System is a handheld, single-use, therapeutic device that allows ophthalmic surgeons to reduce intraocular pressure in adult glaucoma patients via a minimally invasive surgery. TearCare is a wearable, open-eye system designed to apply localized heat to eyelids for the treatment of Dry Eye Disease.
Sight Sciences was founded in 2010 and booked $30 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol SGHT. Morgan Stanley, BofA Securities, Citi, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
