Apnimed Prices IPO at $16 a Share
The company set an offer of 12 million shares and a $192 million gross raise.
Apnimed, Inc. priced its initial public offering at $16.00 a share, selling 12,000,000 shares for a total offering amount of $192,000,000.00. The underwriters hold an option to buy 1,800,000 additional shares. Estimated net proceeds are $173,600,000.00 after a $1.12 underwriting discount per share.
After the offering, the company said it will have 39,823,183 shares outstanding, implying a resulting market capitalization of $637,170,928.00. The prospectus lists a proposed Nasdaq Global Market symbol of APMD.
The company said it intends to use the net proceeds, together with existing cash, to fund the regulatory approval process and, if approved, the commercial launch of Oxnimbi for obstructive sleep apnea, with remaining proceeds for other research and development, working capital, and general corporate purposes. It also described a reverse stock split of Class A common stock and conversion of convertible preferred stock, Class B and Class C common stock, and convertible notes into common stock at closing.
The offering is a capital raise for a clinical-stage company whose stated priority is taking Oxnimbi through approval and launch for OSA. Investors are being asked to fund that path rather than an existing commercial franchise.