Procept BioRobotics upsized IPO prices above the expected range, valuing company at $1 billion

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Procept BioRobotics Corp. PRCT, +11.39% is set to go public Wednesday, as the California-based surgical robotics company's upsized initial public offering priced above the expected range at $25.00 per share. The company sold 6.56 million shares in the IPO to raise $163.9 million. Procept had previously expected to offer 5.5 million shares in the IPO, which was projected to price between $22 and $24 per share. The stock is expected to begin trading Wednesday on the Nasdaq under the ticker symbol "PRCT." With 41.21 million shares outstanding after the IPO, the pricing values Procept at $1.03 billion. BofA Securities and Goldman Sachs are the joint lead bookrunning managers. The company had recorded a net loss of $27.4 million on revenue of $15.7 million in the six months ended June 30, after a loss of $25.7 million on revenue of $2.4 million in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF IPO, +0.25% has gained 7.4% over the past three months while the S&P 500 SPX, -0.91% has tacked on 4.6%.