Minneapolis-based Tactile Systems Technology Inc. getting close to pricing an initial public offering that could raise $60 million for the provider of lymphedema treatment and venous ulcer therapies.

Also known as Tactile Medical the company filed an initial registration statement with the Securities and Exchange Commission on Jan. 25 and has submitted three amended filings since.

The latest amended filing on June 9th added total number of shares to be offered, 4 million, and a proposed offering range, $14 - $16 per share. Previous amendments had left those spaces blank. 

Adding an offering range is one indication that the company is getting closer to pricing their offering.  Once completed Tactile will trade on NASDAQ under the symbol “TCMD”.

 Renaissance Capital, a pre IPO research firm that also runs exchanged traded funds comprised of companies that have recently completed IPOs, puts out a calendar  of expected IPO prricings. They estimated that Tactile Medical and three others companies could price offerings soon. 

Any new pricings would help thaw the freezup in IPOs nationally and locally. So far this year 38 companies have completed IPOs - that is down 58 percent from the same period the year before.

Should Tactile Medical complete its IPO next week it would be the first Minnesota-based company to complete an IPO since Entellus Medical completed their offering on Jan. 29, 2015. 

In 2015 Tactile Medical had revenue of $62.9 million up 31.7 percent from 2014 and reported net income to common shareholders of $93,000 or 2 cents per share compared to a loss of $452,000 or 15 cents per share. The company has over 270 employees and has consistently been named to the Star Tribune’s annual Top Workplaces list.

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