Inspire Medical – KOL Event and Platform Drive Visibility Prior to IPO

Inspire Medical became a LifeSci Advisors client pre-IPO. The teams collaborated to develop and execute a robust, best-in-class investor relations program to engage the investment community

The Process

A successful strategically timed KOL event before going live on the IPO was well attended by investors and sell-side analysts, attracting potential investors new to the story ahead of the IPO.

LifeSci Capital research report written by our analyst David Sherman, was widely read by investors, sell-side analysts and strategic buyers. David, who has a Ph.D. in Neurological Control of Breathing, was a natural match for Inspire, whose focus is sleep apnea.

Non-deal roadshows were arranged and executed in New York and Boston to increase communication with top-tier investors and key decision-makers.

LifeSci organized a banker bake-off on behalf of management and the board. The bake-off brought about the selection of five underwriters led by BAML and GS.

Refined investment messages and assisted with all Inspire corporate communications when private.

The Results

This process yielded significant results when Inspire went public with an IPO, May 2018. The deal was over 10x oversubscribed from institutional demand. Deal size was increased to $108 MM, with an increase in shares offered and priced at $16 per share, top of the range.

The proceeds (before greenshoe option) were up 44% from mid-point of the range.

This was a record for upsizing a Healthcare IPO at BAML. Total gross proceeds were over $124 MM with greenshoe option.