By Colin Kellaher

 

CVRx Inc. on Wednesday said it plans to sell 6.25 million shares at between $15 and $17 each in its initial public offering.

At the $16 midpoint of the expected price range, the Minneapolis medical-device company backed by Johnson & Johnson said it expects net proceeds of about $91.5 million, or around $105.5 million if the underwriters exercise an option to buy an additional 937,500 shares.

CVRx said it expects to use the bulk of the proceeds to fund the expansion of its direct sales force and commercial organization related to its Barostim NEO device in the U.S.

Johnson & Johnson's strategic-venture arm currently holds a nearly 32% stake in CVRx and will still own more than 20% after the IPO.

In a filing with the U.S. Securities and Exchange Commission, CVRx said it would have about 19.5 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a market capitalization of roughly $312 million at the $16-a-share pricing midpoint.

CVRx said it expects its shares will trade on the Nasdaq Global Market under the symbol CVRX.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 23, 2021 06:55 ET (10:55 GMT)

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