Kestra Medical Technologies priced its IPO at $17 per share, above its expected $14–$16 range. The March 5, 2025 pricing announcement said the upsized offering of 11,882,352 shares was expected to generate about $202 million in gross proceeds, before underwriting discounts, commissions and other offering expenses—and before an additional share option.
How much did Kestra raise in its IPO?
The often-reported approximately $202 million was the expected gross proceeds from the 11,882,352 shares in the base offering. It was not a net-cash figure, and it did not include the underwriters’ option to purchase additional shares. Kestra announced those pricing terms on March 5, 2025. Kestra’s pricing announcement
| # | Preview | Product | Price | |
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Philips HeartStart Home AED Defibrillator with Slim Carry Case, M5068A-C01 | $1,600.00 | Buy on Amazon |
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Philips HeartStart Home AED Defibrillator with Training Pads Cartridge, M5068A-C02 | $1,772.00 | Buy on Amazon |
The underwriters later exercised the full option, buying 1,782,352 more shares at $17 each. With the option included, the offering totaled 13,664,704 shares and approximately $232 million in gross proceeds before discounts and expenses. Kestra’s over-allotment announcement
| IPO measure | Shares | Price | Proceeds and basis |
|---|---|---|---|
| Initial offering announced February 26, 2025 | 10,000,000 | Expected range: $14–$16 | Expected range; no proceeds estimate stated in the launch announcement. Kestra’s launch announcement |
| Upsized base offering priced March 5, 2025 | 11,882,352 | $17 | Approximately $202 million expected gross proceeds, excluding the option and before discounts, commissions and other offering expenses. Kestra’s pricing announcement |
| Full over-allotment exercised | 1,782,352 additional; 13,664,704 total | $17 | Approximately $232 million total gross proceeds before discounts and expenses. Kestra’s over-allotment announcement |
| Later SEC-filed annual report | Not stated in the proceeds figure | Not stated in the proceeds figure | $215.789 million after underwriting discounts and commissions, but before IPO offering costs. Kestra’s 2026 SEC-filed annual report |
Was the IPO priced above the expected range?
Yes. The final $17 price was $1 above the original range’s $16 upper limit, or about 6.3% higher than that ceiling. The offering was also upsized: the base deal grew from the 10 million shares announced at launch to 11,882,352 shares at pricing, before the separate over-allotment shares were added.
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- Philips HeartStart M5068A-C01 Home AED Defibrillator is a virtually ready to use emergency medical device for cases of suspected sudden cardiac arrest
- A portable heart defibrillator in a slim carry case; provides real-time CPR instructions and step-by-step voice prompts
- Suitable for emergency use in private homes and residences. Training not required for use. Device provides simple, intuitive instructions for people who have never used a defibrillator
- Philips defibrillators perform a daily, weekly and monthly self-test to eliminate the need for manual calibration. May be converted to an AED trainer with the use of Adult or Infant/Child Training Pads Cartridge (sold separately)
- Philips AEDs use advanced technology to respond to your actions, utilizing SMART Analysis to assess the heart’s rhythm, and a Quick Shock feature which allows the device to deliver a shock within 8 seconds. Post shock guidance on CPR will follow
Why do the proceeds figures differ?
The figures use different transaction stages and accounting bases. Approximately $202 million was the expected gross amount for the priced base offering, excluding the option and expenses. Approximately $232 million was gross proceeds after the full option was exercised, still before discounts and expenses. The $215.789 million reported later by Kestra was after underwriting discounts and commissions but before IPO offering costs; it is not directly comparable to either gross figure. SEC-filed annual report
When did KMTS begin trading?
Trading began March 6, 2025, on the Nasdaq Global Select Market under the ticker KMTS. The offering closed March 7. Kestra said the shares in the initial offering were all offered by the company. Kestra’s closing announcement
Rank #2
- Philips HeartStart M5068A-C02 Home AED Defibrillator is a virtually ready to use emergency medical device for cases of suspected sudden cardiac arrest
- A portable heart defibrillator in a slim carry case; provides real-time CPR instructions and step-by-step voice prompts
- Suitable for emergency use in private homes and residences. Training not required for use. Device provides simple, intuitive instructions for people who have never used a defibrillator
- Philips defibrillators perform a daily, weekly and monthly self-test to eliminate the need for manual calibration. May be converted to an AED trainer with the use of Adult or Infant/Child Training Pads Cartridge (sold separately)
- Philips AEDs use advanced technology to respond to your actions, utilizing SMART Analysis to assess the heart’s rhythm, and a Quick Shock feature which allows the device to deliver a shock within 8 seconds. Post shock guidance on CPR will follow.
What does Kestra Medical Technologies do?
Kestra describes itself as “a wearable medical device and digital healthcare company.” Its SEC filing discusses intellectual property related to a personal wearable cardioverter defibrillator that received U.S. FDA approval in July 2021. Kestra’s pricing announcement Kestra’s SEC-filed quarterly report
Who managed the offering?
BofA Securities, Goldman Sachs & Co. LLC, and Piper Sandler were lead bookrunners. Wells Fargo Securities and Stifel were bookrunners, and Wolfe | Nomura Alliance was co-manager. Kestra’s pricing announcement
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