Bain Capital-backed Heartflow eyes $1.3 billion valuation in US IPO
The Mountain View, California-based company is aiming to raise up to $212.5 million by offering 12.5 million shares priced between $15 and $17 apiece in its initial public offering.
A string of successful high-profile debuts in recent months has injected fresh momentum into the new listings market after a slowdown fueled by tariff-driven turmoil in April.
Heartflow had earlier looked to go public through a merger with Larry Robbins-backed special purpose acquisition company at a $2.8 billion valuation. Those plans fell apart in 2022.
A year later, it raised $215 million in a Series F funding round led by private investment firm Bain Capital. The company is also backed by asset managers Hayfin and Wellington.
Heartflow's AI-enabled products help physicians to more effectively diagnose and treat heart disease.
The company, founded in 2007, mainly generates revenue on a "pay-per-click" basis each time physicians use its products for diagnosing and managing coronary artery disease.
It expects revenue to be between $42.9 million and $43.4 million for the three months ended June 30, a jump of 38% to 40% from a year earlier.
J.P.Morgan, Morgan Stanley and Piper Sandler are the lead underwriters for the offering. Heartflow will list on the Nasdaq under the trading symbol "HTFL".
Heartflow plans to use the IPO proceeds to repay debt, fund sales and marketing efforts and for other purposes.
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