Livongo Health on Monday revealed details of its proposed initial public offering, including information on how many shares it plans to offer and at what price.
Livongo, a digital health company founded by former Allscripts Healthcare Solutions CEO Glen Tullman in 2014, filed its registration statement for the proposed IPO with the U.S. Securities and Exchange Commission in June.
At the time, the company had not determined the number of shares to be offered or their price range.
But in an amendment to the registration statement filed Monday morning, Livongo said it plans to offer 10.7 million shares of its common stock to the public, while also granting its underwriters a 30-day option to purchase an additional 1.6 million shares. The company expects to price its IPO between $20 and $23 per share.
Morgan Stanley & Co., Goldman Sachs & Co. and J.P. Morgan Securities are underwriters on the IPO.
Livongo, which brought in $68.4 million in revenue last year, uses technology—such as glucose monitors and wearables—to help users manage chronic conditions and stay on track with treatment through personalized alerts and reminders. It works with health systems, health plans and employers as customers, which subsequently cover costs for their members.
There were 113,854 members enrolled in Livongo's diabetes program last year, up from 53,858 in 2017. The company also offers programs for conditions like high blood pressure and weight management.
Livongo has drawn attention in recent years by scooping up executives from prominent health technology companies. Tullman now serves as Livongo's executive chair, and in December the company hired Zane Burke, former president of Cerner Corp., as its CEO. Other members of its leadership team hail from companies like GE Healthcare and 23andMe.
