Medtech Heartflow valued at $2.27 billion in solid Nasdaq debut
The stock opened at $28, compared with the IPO price of $19, signaling robust investor appetite for revenue-positive companies leveraging artificial intelligence for healthcare.
Heartflow sold about 16.67 million shares in its IPO on Thursday and raised $316.7 million. Its raised marketed price was $17 to $18 per share.
The Bain Capital-backed company's solid market debut comes as expectations of a softer trade policy and lower interest rates boost investor sentiment, which had nosedived after U.S. tariffs in April stoked recession fears.
Space tech startup Firefly Aerospace (FLY.O), opens new tab and design software firm Figma (FIG.N), opens new tab saw stellar first-day reactions in recent days, strengthening prospects for tech-focused companies to go public.
Heartflow's first-day pop could help boost market perception for future medtech IPOs.
Beta Bionics (BBNX.O), opens new tab and Kestra Medical (KMTS.O), opens new tab had solid debuts earlier this year, but are now trading below their IPO price, like most medtech IPOs of the past year.
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