The IPO Buzz: Heartflow (HTFL) Prices IPO at $19 – $1 Above Top of Range

Heartflow, Inc. (HTFL) priced its IPO at $19.00 – $1.00 above the top of its recently increased price range of $17.00 to $18.00 – and sold 16.7 million shares – the number in the prospectus – to raise $316.7 million on Thursday night, Aug. 7, 2025. Bain Capital-backed Heartflow had a market cap of $1.57 billion at pricing.

Heartflow’s stock jumped in its NASDAQ debut – opening at $28.00 – up $9 or up 47.4 percent from its $19 IPO price – at 12:58 p.m. EDT today – Friday, Aug. 8, 2025 – on volume of about 1.34 million shares.

 

J.P. Morgan, Morgan Stanley and Piper Sandler were the lead joint book-runners. Stifel and Canaccord Genuity were the joint book-runners.

Heartflow, Inc. (HTFL), based in Mountain View, California, pioneered an AI-driven non-invasive way to detect coronary artery disease (CAD) – the leading cause of death in the U.S. and the world. The company’s software makes a 3D model of the patient’s heart, based on two-dimensional images from a CT scan of the patient’s heart, according to the prospectus – and as John Farquhar, president and CEO of Heartflow, explained in a roadshow presentation.

The company’s “Heartflow Platform delivers actionable insights on blood flow, stenosis, plaque volume and plaque composition” and overcomes “the limitations of traditional non-invasive imaging tests, which rely on indirect measures of coronary disease,” Heartflow said in the prospectus.

“As of March 31, 2025, our Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone,”  Heartflow said.

The company plans to use some of the IPO’s proceeds to pay off about  $50 million in debt.

After the IPO, Bain Capital will remain the company’s largest shareholder with a stake of about 16.1 percent of Heartflow’s outstanding stock.

Heartflow is not profitable: Net loss of $107.8 million on revenue of $136.2 million for the 12 months that ended March 31, 2025, according to financial statements in the prospectus.

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