Medical technology company Shoulder Innovations Inc (SI.US) plans to go public in the US and is aiming to raise $105 million.

As the US stock market warms up, Michigan-based medical technology company Shoulder Innovations Inc. filed an application with the US Securities and Exchange Commission (SEC) on Thursday to go public through an Initial Public Offering (IPO) to raise up to $105 million. According to the latest disclosure, the company plans to issue 5 million shares at a price range of $19 to $21 per share. At the upper end of the price range, Shoulder Innovations' valuation would reach $418 million. Bloomberg obtained roadshow materials indicating that the company is expected to price on July 30. Established in 2009, Shoulder Innovations focuses on developing advanced implant systems for shoulder joint replacement surgery. The prospectus shows that the company integrates artificial intelligence (AI) and machine learning technologies in preoperative surgical planning to enhance surgical accuracy and efficiency. Financial data shows that for the three months ending March 31, 2024, the company generated revenue of $10.1 million, a significant increase from $7.2 million in the same period last year. However, losses also increased, with net losses expanding from $3.6 million in the same period last year to $4.7 million. In terms of equity structure, US Venture Partners, a US venture capital firm, is the company's largest shareholder and is expected to hold 13.5% of the shares after the IPO. Funds associated with Fidelity Investments will hold 12.5% of the shares after convertible bonds are converted into common stock. Dutch-based healthcare investment company Glide Healthcare will hold 11.4%, while Lightstone Ventures holds 8.1%. The IPO is underwritten by Morgan Stanley, Goldman Sachs, and Piper Jaffray. Shoulder Innovations plans to list on the New York Stock Exchange with the ticker symbol "SI."