The Mountain View, Calif.-based company, which developed a digital health platform to manage chronic diseases, said earlier this week that it planned to float 10.7 million shares at $24 to $26 apiece, for a total range of $256.8 million to $278.2 million (its initial filing earlier this month was for a $100 million raise).
Late yesterday Livongo added 2 million shares, pricing the 12.7-million-share offering above the range at $28 apiece, for gross proceeds of $355.6 million. LVGO shares were trading up 45.5% at $40.75 apiece today in early-afternoon activity, after peaking at $45.46 a pop (+62.4%) earlier in the day.
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.