Laguna Hills dental device maker Sonendo Inc. on Oct. 25 set an expected per share price of $15 to $17 for its forthcoming initial public offering.
At its midpoint price of $16 a share, the offering would give the company a market value of about $420 million.
If the offering moves forward, shares will trade under the ticker symbol “SONX” on the New York Stock Exchange, according to documents filed last week with the Securities & Exchange Commission.
Sonendo, among OC’s fastest-growing private companies in 2018 and 2019, filed its initial paperwork for an IPO in early October, but didn’t specify a size or terms of the offering.
It’s the maker of the GentleWave root canal system, a device that promises an easier and a less painful root canal procedure than traditional methods.
The offering’s underwriters include BofA Securities, Goldman Sachs & Co. and Piper Sandler & Co.
Officials estimate the net proceeds from the IPO will be upwards of $130 million.
Sonendo was co-founded in 2006 by Olav Bergheim, founder of Glaukos Corp. (NYSE: GKOS) and his son Bjarne Bergheim. As of June 30, it had a total of 203 employees.
It’s one of four local healthcare companies who’ve disclosed IPO plans in recent weeks, alongside Irvine’s Agendia and MDxHealth (see story, page 3) and Newport Beach drugmaker Aeon Biopharma.
Aeon’s stock was expected to begin trading a few weeks ago, but the listing was postponed amid choppy market conditions on Wall Street at the time. A time frame for relaunching the Aeon listing hasn’t been disclosed.
