Treace Medical Concepts expects to raise $90.2 million in IPO

Ponte Vedra-based company plans to reach the market this week.

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  • | 9:55 a.m. April 19, 2021
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Treace Medical Concepts Inc. revealed the expected terms of its initial public offering April 19, with the stock expected to reach the market later this week.

Ponte Vedra-based Treace Medical said in an updated Securities and Exchange Commission filing it is offering 6.25 million shares of stock at $15 to $17 each.

Treace Medical, which makes devices for bunion surgery, expects net proceeds of $90.2 million if the stock sells at the midpoint of its price range.

Besides those new shares, existing stockholders are offering an additional 3.125 million shares in the IPO.

That includes about 2.4 million shares being sold by founder and CEO John Treace but Treace will still own about 13.7 million shares after the IPO, or 30.6% of all outstanding shares, according to the filing.

No date has been announced for the sale but IPO information firm Renaissance Capital said it is expected to reach the market this week.

Treace Medical plans to list its shares on the Nasdaq Global Market under the ticker symbol “TMCI.”