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Jan 22 (Reuters) - Insulin delivery device maker Beta Bionics said on Wednesday it was targeting a valuation of as much as $615.9 million in its initial public offering in the United States, underscoring a gradual recovery in medtech listings.

IPO activity in the medtech sector had shown a steady recovery in 2024 after high interest rates sapped investor appetite in recent years.

Medical device maker CeriBell CBLL.O went public in New York last year after raising $180 million in its upsized IPO. Its shares are up 35% from the offer price, as of last close.

Beta Bionics is seeking to raise as much as $120 million by offering 7.5 million shares at a price range of $14 to $16 each.

The Irvine, California-based company's net sales vaulted to $44.7 million in the nine months ended Sept. 30, compared with $3.6 million a year earlier, on the back of the U.S. Food and Drug Administration's approval and commercialization of the insulin delivery system iLet in May 2023.

The company's net loss, however, widened to $36.6 million in the nine months ended Sept. 30, compared with $25.3 million a year earlier.

Asset manager Wellington Management has agreed to purchase $17 million worth of Beta Bionics shares in a concurrent private placement at the IPO price.

Founded in 2015, Beta Bionics' backers include healthcare investment firms Soleus Capital and RTW Investments.

BofA Securities, Piper Sandler, Leerink Partners, Stifel and Lake Street are the underwriters for the offering.

Beta Bionics will list on the Nasdaq under the symbol "BBNX".

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)

((ArasuKannagi.Basil@thomsonreuters.com;))