Livongo Health yesterday boosted the range on its pending initial public offering, saying the flotation would now fetch nearly $268 million at the midpoint.
The Mountain View, Calif.-based company developed a digital health platform to manage chronic diseases, selecting diabetes as its first target. After a series of upsizing announcements, Livongo yesterday said it plans to float 10.7 million shares at $24 to $26 apiece, up from $20 to $23 previously, for a total range of $256.8 million to $278.2 million. Its initial IPO filing earlier this month was for a $100 million raise.
Livongo’s diabetes offering involves a smart, cellular-connected glucose meter – Abbott’s FreeStyle Libre Pro – automatically-delivered testing materials, real-time coaching and full-time monitoring. The system personalizes messages based on each glucose reading that the company calls a “health nudge.”
“Today, we have created a unified platform that provides smart, cellular-connected devices, supplies, informed coaching, data science-enabled insights and facilitates access to medications to help our members live better and healthier lives,” Livongo said in its initial filing.
Rumors swirled in March that Livongo was prepping an IPO worth $1 billion, slated for the third quarter.
