Saluda Medical commenced trading on the Australian Securities Exchange (ASX) at 11am AEDT today, following its initial public offering (IPO). The company successfully raised $230.8 million, resulting in a valuation of approximately $775 million. The offer comprised 87.1 million shares issued at a price of $2.65 each. Saluda Medical is a neuromodulation company focused on developing and commercialising devices for patients with chronic pain. Its primary product is a spinal cord stimulation system designed to provide pain relief.
The proceeds from the IPO are earmarked for several strategic initiatives, including the expansion of Saluda Medical’s US sales force, enhanced marketing efforts, bolstered commercial support, and ongoing product development. These investments are intended to support the company’s growth trajectory and market penetration. Existing investors in Saluda Medical include Wellington Management, Fidelity, T. Rowe Price, TPG Life Sciences, and Redmile Group.
Saluda Medical has reaffirmed its revenue guidance for fiscal year 2026, projecting $US81.9 million. This forecast is underpinned by an increase in the number of implanting physicians and growing patient volumes. The company emphasises the unique capabilities of its device, highlighting its ability to read and respond to spinal-cord signals in real time. This technology, developed over 15 years, has received approval from the US Food and Drug Administration (FDA).
