The IPO Buzz: Anteris (AVR) Prices NASDAQ Uplist Deal at $6 – Below Reference Price – & Raises $88.8 Million

Australian heart valve developer Anteris Technologies Global (AVR) priced its NASDAQ uplisting/public offering at $6.00 – below its $6.78 reference price – and sold 14.8 million shares – the number of shares in the prospectus – to raise $88.8 million on Thursday night, Dec. 12, 2024. The $6.00 IPO price gave Anteris Technologies Global a market cap of $215.64 million. Anteris Technologies Global’s stock is expected to start trading on Friday, Dec. 13, 2024, on the NASDAQ. The public offering price of $6.00 is less than half the average price per share of $12.53 paid by existing shareholders. TD Cowen, Barclays and Cantor are the joint book-runners. Lake Street Capital Markets is the lead manager. The company, founded in 1999, is not profitable. Anteris reported a net loss of US$71.1 million on revenue of US$2.71 million for the 12 months that ended Sept. 30, 2024. Anteris, headquartered in Western Australia and Minneapolis, said in the prospectus: “We intend to use the net proceeds of the IPO to develop our DurAVR transcatheter heart valve (“DurAVR^® THV”) and for the preparation and enrollment of a randomized global pivotal study of DurAVR^® THV to treat severe aortic stenosis, with the remaining for working capital and other general corporate purposes determined from time to time, including the repayment of amounts owed under our convertible note facility.” Anteris said that its “lead product, DurAVR, is a transcatheter heart valve for treating aortic stenosis. It is the first transcatheter aortic valve replacement to use a single piece of bioengineered tissue. This biomimetic valve is uniquely shaped to mimic the performance of a healthy human aortic valve. “DurAVR^® THV is made using ADAPT^® tissue, Anteris’ patented anti-calcification tissue technology. ADAPT^® tissue has been used clinically for over 10 years and distributed for use in over 55,000 patients worldwide.  “The ComASUR^® Delivery System was designed to provide controlled deployment and accurate placement of the DurAVR^® THV with balloon-expandable delivery, designed to achieve precise alignment with the heart’s native commissures to achieve ideal valve positioning.” The company’s ordinary shares were listed on the ASX until Dec. 5, 2024, when they were suspended, according to the cover of the prospectus. Anteris plans to issue CHESS Depositary Interests (CDIs) that it expects to start trading on the ASX on an ordinary settlement basis one trading day after the closing of the public  offering/NASDAQ uplisting under the symbol “AVR.”  Concurrent with the closing of this offering, Anteris Technologies Limited (ATL) will de-list its securities from the ASX. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.