Medical Transcription Billing, Corp. (MTBC) said Tuesday that it has priced its initial public offering of 4.08 million shares of common stock at $5.00 per share.
The company has also granted the underwriters a 30-day option to purchase from it an additional 612,000 shares of common stock.
Earlier this month, the company had increased the IPO size from 3.0 million shares to 4.1 million shares, but had slashed the estimated price range to $5.00 per share from the previous range of $9.00 to $11.00 per share.
The company's common stock has been approved for listing on the NASDAQ Capital Market under the ticker symbol "MTBC" and trading will begin on Wednesday, July 23.
The total gross proceeds of the offering are expected to be about $20.4 million, before underwriting discounts and commissions and other offering expenses.
The company plans to use the net proceeds of the offering to fund the cash portion of the purchase price of targeted medical billing companies. The remaining proceeds will be used for working capital and other general corporate purposes.
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