Heartflow, Inc. (HTFL Proposed) pumped up the size of its IPO early today – increasing both the number of shares and the price range – to raise $292.25 million – up from initial estimated proceeds of $200 million – according to an S-1 filing dated Aug. 6, 2025. Heartflow (HTFL) now is offering 16.7 million shares – up from 12.5 million shares initially – at a new price range of $17.00 to $18.00 – up from the original price range of $15.00 to $17.00 – to raise $292.5 million, if the IPO is priced at the $17.50 mid-point of its new range. Under the original terms, Heartflow (HTFL Proposed) was set to raise $200 million, if priced at the $16.00 mid-point of its original range.
J.P. Morgan, Morgan Stanley and Piper Sandler are the lead joint book-runners. Stifel and Canaccord Genuity are joint book-runners.
Bain Capital-backed Heartflow’s IPO is set for pricing on Thursday night, Aug. 7, 2025, to trade Friday, Aug. 8, on the NASDAQ.
Heartflow, based in Mountain View, California, pioneered an AI-driven non-invasive way to diagnose coronary artery disease (CAD), a leading cause of death in the U.S. and worldwide .
Heartflow has developed three software products to detect and diagnose coronary artery disease – with a fourth product set to launch in 2026, the prospectus said.
The company will use some of the IPO proceeds to repay about $50 million in debt, according to the prospectus.
Bain Capital, the private equity powerhouse, is the principal stockholder with the largest pre-IPO stake – at 19.2 percent. After the IPO, a Bain fund will own 16.1 percent of Heartflow’s outstanding stock, the prospectus said.
Other principal stockholders include HealthCor, Hayfin, Wellington, Capricorn, U.S. Venture Partners, Baillie Gifford and FMR LLC (Fidelity), the prospectus said.
Heartflow is not profitable, according to the prospectus. The California MedTech company reported a net loss of $107.8 million on revenue of $136.2 million for the 12 months that ended March 31, 2025.
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