- Livongo, a company that sells diabetes monitoring technology, on Friday filed paperwork to go public with the US Securities and Exchange Commission.
- Livongo is seeking to raise up to $200 million in its IPO and achieve a valuation of $2 billion to $2.5 billion, according to a person familiar with the matter.
- Investors like General Catalyst and Livongo executive chairman Glen Tullman stand to make the most once Livongo goes public.
- Click here for more BI Prime stories.
Livongo, a company that sells diabetes monitoring technology, filed to go public on Friday.
The company filed paperwork with the US Securities and Exchange Commission to trade on the Nasdaq under the ticker symbol LVGO, amid a wave of healthcare IPOs.
Livongo plans to raise up to $200 million in its IPO and achieve a valuation of $2 billion to $2.5 billion, according to a person familiar with the matter. The filing doesn't say how many shares Livongo plans to sell or at what price, and the terms of the offering are subject to change as the IPO draws near.
Never miss out on healthcare news. Subscribe to Dispensed, our weekly newsletter on pharma, biotech, and healthcare.
Livongo was founded in 2014 and operates programs to help care for people with diabetes and other chronic diseases using a glucose meter and other devices. Typically, big companies and insurers pay monthly fees for the care. Livongo's bet is that by using technology, coaching, and other tools, it can manage those chronic conditions better and ultimately at a lower cost.
Before the IPO, Livongo had raised $237 million from investors, and most recently had a post-money valuation of $800 million.
Read more: Buzzy digital health startup Livongo just filed to go public at a $2.5 billion valuation
In its filing, Livongo broke down how much stock the company's top executives and investors owned prior to the IPO. The filing doesn't say whether the investors plan to sell their shares in the IPO.
- Glen Tullman is a founder and the executive chairman of Livongo. He personally controls 4.6% of the company, or 3.8 million shares.
- Jennifer Schneider is the president of Livongo and initially joined as the company's chief medical officer. She owns 738,640 shares.
- Jim Pursley, the company's chief commercial officer, owns 454,319 shares.
- Zane Burke, Livongo's CEO, joined the company in December after serving as president of health IT giant Cerner. He owns just under 1 million shares in the company, or 1.2%.
- General Catalyst, which led Livongo's series A round, owns 20.1 million shares or 25.4% of Livongo. General Catalyst has backed companies including Snap and is an investor in healthcare companies like Oscar Health and Color Genomics.
- Kinnevik, a Swedish investment company that joined in on Livongo's series D and E rounds, owns 9.5 million shares, or 12% of the company.
- Kleiner Perkins, a Silicon Valley venture firm that invested in Livongo's series B round, owns 7 million shares, or about 9%.
- Merck Global Health Innovation Fund, the digital health investing arm of drug giant Merck, owns 6 million shares in the company or 7.6%.
- 7WireVentures, the venture firm founded by Tullman and Livongo Chief Financial Officer Lee Shapiro, owns 5.6 million shares, or 7.1% of the company.
