SAN JOSE, CALIFORNIA — Direct-to-consumer hearing aid manufacturer, Eargo, filed on Friday with the SEC to raise up to $100 million in an initial public offering (IPO).
In July of this year, the company had announced a $71 million series E financing round “to expand commercialization during a period of accelerated consumer demand” for its hearing solutions.
Eargo believes its hearing aids are the first and only virtually invisible, rechargeable, completely-in-canal, FDA regulated, exempt Class I device for the treatment of hearing loss. According to the news release, the company is said to have sold over 42,000 hearing aid systems, net of returns, as of June 30, 2020.
Company to List on Nasdaq as EAR
The San Jose, CA-based company was founded in 2010 and booked $47 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol EAR. Eargo filed confidentially on November 8, 2019. J.P. Morgan, BofA Securities, Wells Fargo Securities and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
According to the announcement by Nasdaq, the article Hearing aid manufacturer Eargo files for a $100 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.