The IPO Buzz: Heartflow (HTFL Proposed) Pumps Up IPO’s Size to $292.3 Million Vs. $200 Million

Heartflow, Inc. (HTFL Proposed) pumped up the size of its IPO early today – increasing both the number of shares and the price range – to raise $292.25 million – up from initial estimated proceeds of $200 million – according to an S-1 filing dated Aug. 6, 2025. Heartflow (HTFL) now is offering 16.7 million shares – up from 12.5 million shares initially – at a new price range of $17.00 to $18.00 – up from the original price range of $15.00 to $17.00 – to raise$292.5 million, if the IPO is priced at the $17.50 mid-point of its new range. Under the original terms, Heartflow (HTFL Proposed) was set to raise $200 million, if priced at the $16.00 mid-point. J.P. Morgan, Morgan Stanley and Piper Sandler are the lead joint book-runners. Stifel and Canaccord Genuity are joint book-runners. Bain Capital-backed Heartflow’s IPO is set for pricing on Thursday night, Aug. 7, 2025, to trade Friday, Aug. 8, on the NASDAQ. Heartflow, based in Mountain View, California, pioneered an AI-driven non-invasive way to diagnose coronary artery disease (CAD), a leading cause of death in the U.S. and worldwide . Heartflow has developed three software products to detect and diagnose coronary artery disease – with a fourth product set to launch in 2026, the prospectus said. The company will use some of the IPO proceeds to repay about $50 million in debt, according to the prospectus. Bain Capital, the private equity powerhouse, is the principal stockholder with the largest pre-IPO stake – at 19.2 percent. After the IPO, a Bain fund will own 16.1 percent of Heartflow’s outstanding stock, the prospectus said. Other principal stockholders include HealthCor, Hayfin, Wellington, Capricorn, U.S. Venture Partners, Baillie Gifford and FMR LLC (Fidelity), the prospectus said. Heartflow is not profitable, according to the prospectus. The California MedTech company reported a net loss of $107.8 million on revenue of $136.2 million for the 12 months that ended March 31, 2025. (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.