Tuesday, September 27, 2016
Obalon Sets IPO Pricing Range
Carlsbad-based Obalon Therapeutics, which is developing a balloon-based medical device for assisting in weight loss, has set the estimated initial IPO pricing range for its public offering, saying it now expects an initial public offering at between $14.00 and $16.00 per share. The company is selling 5,000,000 shares of its common stock, which would net it $92.0M if it prices at the high end of its estimated range. Obalon is looking to list on the NASDAQ Global Market as OBLN. The company has not yet set an anticipated IPO date, in what has been a busy exits and acquisition year for Southern California's technology companies. Obalon is venture backed Domain Partners, InterWest Partners, Bader Sultan & Bros, and Okapi Venture Capital. Companies typically provide an estimated IPO range several days or a few weeks before their actual pricing of their IPO, to gauge the reception for their public offerings among investors.