The IPO Buzz: Kestra Medical On Track to Price the First Big IPO of March

Kestra Medical Technologies, Ltd.  (KMTS Proposed) is ready to price its IPO tonight –  Wednesday, March 5, 2025 – putting it on track to become the first big IPO ($100 million-and-up class) to get done in March 2025. The stock is expected to start trading tomorrow – Thursday, March 6 – on the NASDAQ. The prospectus showed the deal consists of 10.0 million shares at a price range of $14.00 to $16.00 to raise  $150.0 million – at a market cap of $714.75 million, if priced at the $15.00 mid-point of its range. BofA Securities, Goldman Sachs and Piper Sandler are leading the joint book-running team, which includes Wells Fargo Securities and Stifel. Kestra Medical Technologies, Ltd. , based in Kirkland, Washington, received FDA approval in July 2021 for its Assure WCD. The company says that as of Jan. 31, 2025, doctors at more than 550 hospitals have prescribed Kestra’s Assure WCD and the device has been worn by more than 17,000 patients, according to the prospectus. The IPO’s proceeds will be used to further commercialize its Assure WCD and its cardiac recovery system platform, which “integrates monitoring, therapeutic treatment, digital health and patient support services into a single unified solution,” the prospectus said. Bain Capital, the principal shareholder, will own 52.5 percent of the outstanding stock after the IPO. Bain Capital helped bankroll Kestra Medical as a start-up in 2014. Kestra Medical’s impressive revenue growth in 2024, compared with 2023, was part of its appeal, the IPO pros say. Kestra generated revenue of $27.5 million for the six months that ended Oct. 31, 2024, up from $9.5 million for the same period in 2023, according to the prospectus. For the fiscal year that ended April 30, 2024, Kestra generated revenue of $27.8 million, up from $7.6 million for the previous fiscal year. Kestra Medical is not profitable. For the 12 months that ended Oct. 31, 2024, Kestra Medical reported a net loss of  $84.8 million on revenue of $45.8 million, according to financial statements in the prospectus. (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.