The IPO Buzz: Heartflow (HTFL) Jumps in NASDAQ Debut

It’s a good jump-shot day for Heartflow (HTFL): The MedTech company’s stock shot up 66 percent in their NASDAQ debut today – touching a session high of $31.49 at 1:01 p.m. EDT, as Bloomberg reported. That leap followed Heartflow’s strong opening at $28.00 – up $9.00 or  up 47.4 percent from their $19.00 IPO price at 12:58 p.m. EDT on Friday, Aug. 8, 2025. Those gains gave Heartflow a market cap of about $2.6 billion – up from its market cap of about $1.6 billion at pricing. Heartflow, Inc. (HTFL) priced its IPO at $19.00 – $1.00 above the top of its recently increased price range of $17.00 to $18.00 – and sold 16.7 million shares – the number in the prospectus – to raise $316.7 million on Thursday night, Aug. 7, 2025. Heartflow increased its IPO’s size early Wednesday morning (Aug. 6, 2025) by expanding the number of shares and raising the price range. Heartflow’s initial terms called for 12.5 million shares at a price range of $15.00 to $17.00 to raise $200.0 million. The company moved fast – disclosing its IPO’s terms and launching the IPO just a week ago today – on Friday, Aug. 1, 2025. J.P. Morgan, Morgan Stanley and Piper Sandler were the lead joint book-runners. Stifel and Canaccord Genuity were the joint book-runners. Heartflow, Inc. (HTFL), based in Mountain View, California, pioneered an AI-driven non-invasive way to detect coronary artery disease (CAD) – the leading cause of death in the U.S. and the world. The company’s software makes a 3D model of the patient’s heart, based on two-dimensional images from a CT scan of the patient’s heart, according to the prospectus – and as John Farquhar, president and CEO of Heartflow, explained in a roadshow presentation. The company’s “Heartflow Platform delivers actionable insights on blood flow, stenosis, plaque volume and plaque composition” and overcomes “the limitations of traditional non-invasive imaging tests, which rely on indirect measures of coronary disease,” Heartflow said in the prospectus. “As of March 31, 2025, our Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone,”  Heartflow said. The company plans to use some of the IPO’s proceeds to pay off about  $50 million in debt. After the IPO, Bain Capital, a major private equity firm, will remain the company’s largest shareholder with a stake of about 16.1 percent of Heartflow’s outstanding stock. Heartflow is not profitable: Net loss of $107.8 million on revenue of $136.2 million for the 12 months that ended March 31, 2025, according to financial statements in the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and the rating is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.