Nuvo Group, which is developing a remote platform for pregnancy care management, announced terms for its IPO on Monday.
The Tel Aviv, Israel-based company plans to raise $10 million by offering 0.7 million shares at a price range of $14 to $16. Existing shareholder Axxion intends to purchase $10 million worth of shares in the offering (100% of the deal), and the company plans to raise an additional $10 million in a concurrent private placement to Axxion. The IPO float is just 2.8% of the basic shares outstanding, or 0% after indicated buying. At the midpoint of the proposed range, Nuvo Group would command a fully diluted market value of $417 million.
Nuvo is developing a hybrid hardware/software system, the INVU platform, that provides remote access to medical-grade data to all key participants in the pregnancy care ecosystem. The company recently begun to commercialize the INVU platform, which is currently cleared by the FDA for limited monitoring capabilities, though the company intends to seek clearance to extend its INVU monitoring period as well as report other measurements. In December 2020, Nuvo entered into its first commercial contract with obstetrician private practice Axia Women's Health, with a five-year term.
Nuvo Group was founded in 2006 and plans to list on the NYSE American under the symbol NUVO. Berenberg is the sole bookrunner on the deal.
