By Colin Kellaher
Australian medical-device maker CardieX on Wednesday said it plans to sell more than 1.33 million American depositary shares at between $7.50 and $8 apiece in its U.S. initial public offering.
At the $7.50 low end of that range, the Sydney-based company said it expects net proceeds of about $6.7 million, or roughly $8.1 million if the underwriters exercise their option to buy an purchase additional 200,000 ADSs.
CardieX said it expects the proceeds will fund 18 months of business operation, helping it scale its operations in the U.S. to support the launch of its products into target markets.
CardieX ordinary shares currently trade on the Australian Securities Exchange, with more than 143 million shares outstanding.
The company said each ADS represents 75 ordinary shares, with the U.S. IPO representing 100 million ordinary shares.
Write to Colin Kellaher at [email protected]
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