MRI accessories company IRadimed has unveiled terms for an initial public offering (IPO).
The company plans to offer 1.75 million shares at $5 to $6 per share in order to raise $8.8 million to $10 million.
In its IPO filing, the company said it intends to use the proceeds to invest in sales and marketing, to fund research and development of current and future products, for working capital and other general purposes, and for potential acquisitions of products or businesses that expand or complement its current portfolio.
IRadimed reported revenue of $11.3 million in 2013, compared with $7.7 million in 2012. Net income increased to $1.9 million in 2013, compared with net income of $966,085 in 2012.
The company's stock will list on the Nasdaq under the ticker symbol IRMD.
