Inari Medical IPO Raises $156 million

Inari Medical debuted on the NASDAQ on May 22, pricing at $19 per share, above its previously upsized range of $17-$18 per share. The IPO raised nearly $156 million, and market cap at the time of this writing is around $2 billion.

Share value surged by 124% in the company’s first trading session, demonstrating not only the market appetite to invest in novel medical devices, but the resilience of the medical technology sector in the midst of the COVID-19 pandemic. This IPO demonstrates not just the opportunity that prevails in medtech, but affirms that deal flow won’t be stopped as companies, investors and the industry at large adapt to new ways of working.

Based in Irvine, CA, Inari has developed a novel vascular device that captures blood clots from peripheral vessels. Clot retrieval devices currently marketed predominantly address arterial clots, and, typically, clots in small vessels are treated with drug therapy. Inari’s devices can be used as an alternative to these thrombolytic drugs, which are contraindicated in some patients and may increase bleeding risk. Versant Ventures, Glide Healthcare and US Venture Partners are among the company’s investors.

BofA Securities and Morgan Stanley acted as joint lead bookrunning managers for the IPO, with Wells Fargo Securities and Canaccord Genuity acting as co-managers.