Israel-based medical imaging technology developer Nano-X Imaging has set the terms for an initial public offering that would achieve exits for corporate investors Foxconn, SK Telecom, iA Financial and Fujifilm.
The company has set a range of $16 to $18 and plans to issue approximately 5.88 million shares on the Nasdaq Global Market, meaning it would raise $94.1m at the foot of that range and almost $106m if it floats at the top.
Existing Nano-X investors including affiliates of contract electronics manufacturer Foxconn, insurance group iA Financial and telecommunications firm SK Telecom as well as venture capital firm Yozma Group have expressed interest in buying up to $80m of shares in the IPO.
Nano-X is working on medical imaging systems that combine hardware and software, utilising microelectromechanical system semiconductor cathodes as a more affordable alternative to traditional X-ray methods.
The brunt of the IPO proceeds will support the initial commercialisation of the company’s Nano.ARC devices, including the manufacturing, shipping and installation of the first 12,000 units. The remainder will mainly support research and development.
The offering comes after Nano-X raised $109m between December 2019 and this month according to the IPO filing, reaching the $51m third close of its series B round in June at a reported valuation of $600m, the overall amount bringing its overall funding to roughly $138m.
SK Telecom provided $25m across first and third tranches in addition to taking part in a $26m second tranche that included Foxconn, imaging equipment producer Fujifilm and unnamed individuals.
Yozma Group invested $40m through the overall round while iA Financial’s Industrial Alliance Investment Management affiliate supplied $6m, and a vehicle called Asia Beam is set to provide $30m prior to Nano-X’s flotation.
The company’s largest investor is SK Telecom, the owner of a 16.2% share set to be cut to 13.9% in the offering. Asia Beam’s 7.4% stake is set to be diluted to 6.4% and Yozma’s from 7.1% to 6.1%.
Cantor Fitzgerald, Oppenheimer, Berenberg Capital Markets, CIBC World Markets and National Securities Corporation have been hired as underwriters for the IPO.
Image courtesy of Nano-X Imaging Ltd.
