Outset Medical has announced the pricing of its upsized initial public offering of 8,951,111 shares of its common stock at a public offering price of US$27.00 per share, for total gross proceeds of approximately US$241.7 million, before deducting underwriting discounts and commissions and offering expenses. The shares are expected to begin trading on The Nasdaq Global Select Market on September 15, 2020, under the symbol "OM." The offering is expected to close on September 17, 2020, subject to the satisfaction of customary closing conditions. In addition, Outset has granted the underwriters a 30-day option to purchase up to an additional 1,342,666 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by New York partner Nathan Ajiashvili and Bay Area partner Brian Cuneo, with New York associates Salvatore Vanchieri, Jessica Lim and Darby Dietrich.