Jan 28 (Reuters) - Beta Bionics is targeting a valuation of up to $695 million in an upsized initial public offering, the insulin delivery device maker said on Tuesday.
The company will aim to raise up to $170 million through a sale of 10 million shares priced between $16 and $17 each. It was earlier targeting proceeds of $120 million.
Beta bucks the recent trend where major IPO candidates such as LNG exporter Venture Global VG.N and pork producer Smithfield Foods had to lower their valuation targets.
Analysts have said that the demand for new share sales remains strong but new entrants will need to aim for more realistic valuations.
Wellington Management, a Beta shareholder, has agreed to purchase $17 million worth of the company's shares in a concurrent private placement at the IPO price.
Beta's shares will start trading on the Nasdaq under the symbol "BBNX". BofA Securities, Piper Sandler, Leerink Partners, Stifel and Lake Street are the underwriters for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)
((Niket.Nishant@thomsonreuters.com;))
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